After Bitcoin and Ethereum, Mega Matrix Bets $2B on ENA as Next Treasury Asset

Core Viewpoint - Mega Matrix (MPU) has filed a $2 billion universal shelf registration with the SEC to advance its Digital Asset Treasury (DAT) strategy, becoming the first U.S.-listed company to anchor its corporate treasury on ENA, the governance token of stablecoin USDe [1][10] Strategic Differentiation - MPU's approach differs from earlier DAT models by focusing directly on ENA, aiming for "double leverage" through exposure to yield as USDe expands and potential appreciation in ENA's token price [2] Market Position and Growth - As of September 2025, USDe is the world's third-largest stablecoin, with a market cap increase of over 200% since August 2024, compared to 87% for USDC and 39.5% for USDT [3] - USDe ranks among the top 20 digital assets by market capitalization, while ENA is in the top 50 [3] Investment Logic - The stablecoin market is projected to expand significantly, with MPU's internal analysis suggesting a potential market size approaching $10 trillion, driven by various use cases including tokenized asset settlement and corporate treasury management [5][6] - ENA offers equity-like dividends with the scarcity of a capped token, positioning it for long-term value appreciation [4] Regulatory Environment and Competitive Advantage - Under the new U.S. stablecoin law, compliant stablecoins cannot pay interest, making USDe the first yield-bearing stablecoin to achieve scale, with a 70% supply surge following the passage of the U.S. Genius Act [7] - USDe has generated $100 million in revenue within 250 days and expanded its circulation to $10 billion in just 500 days, marking the fastest growth among stablecoins [8] Strategic Positioning - MPU is actively purchasing unlocked ENA from the open market, viewing the inflation from token unlocks as a typical phase for young digital assets, while noting that USDe's growth outpaces inflation [9]