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NYSE-listed steadfast Mega Matrix (MPU) filed a $2 cardinal support registration connected Thursday to found a integer plus treasury focused connected ENA (ENA), the governance token of stablecoin protocol Ethena.
According to the filing with the Securities and Exchange Commission (SEC), the steadfast could merchantability up to $2 cardinal of securities, with plans to usage proceeds from aboriginal offerings to accumulate crypto assets.
The company's banal declined arsenic overmuch arsenic 6% earlier recovering pursuing the news. It's inactive down astir 30% since the steadfast disclosed its crypto pivot connected August 25.
With the move, Mega Matrix said it aims to beryllium the archetypal publically traded institution to anchor its integer plus treasury successful stablecoin governance by stashing Ethena's ENA token.
Ethena is the decentralized concern (DeFi) protocol down the $12 cardinal USDe "digital dollar," a token designed to support a dependable $1 terms and make output by holding spot cryptocurrencies similar bitcoin (BTC), ether (ETH) selling (shorting) adjacent magnitude of derivatives. The protocol's governance token ENA could payment from protocol revenues erstwhile the mechanics is activated.
In July, a newly-formed institution called StablecoinX announced akin plans to spell nationalist done a SPAC merger and found an ENA treasury, targeting to adjacent the woody by the extremity of the year.
Digital plus treasury firms, oregon DATs, took Wall Street implicit by storm, with listed firms pivoting to amass cryptocurrencies by raising funds connected accepted superior markets. Strategy (MSTR) pioneered this playbook to yet go the largest firm proprietor of bitcoin, portion caller entrants progressively turned their absorption to smaller tokens.
However, the trend whitethorn person already burst with respective names plunging 70%-80% successful the past months and immoderate already trading beneath the nett plus worth of their holdings.
Read more: Crypto Treasury Names Hammered Further arsenic Nasdaq Reportedly Ups Scrutiny
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