NYSE-listed firm Mega Matrix (MPU) filed a $2 billion shelf registration on Thursday to establish a digital asset treasury focused on ENA (ENA), the governance token of stablecoin protocol Ethena.

According to the filing with the Securities and Exchange Commission (SEC), the firm could sell up to $2 billion of securities, with plans to use proceeds from future offerings to accumulate crypto assets.

The company's stock declined as much as 6% before recovering following the news. It's still down nearly 30% since the firm disclosed its crypto pivot on August 25.

With the move, Mega Matrix said it aims to be the first publicly traded company to anchor its digital asset treasury in stablecoin governance by stashing Ethena's ENA token.

Ethena is the decentralized finance (DeFi) protocol behi

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