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Mega Matrix Inc. (MPU), a holding firm based in Singapore, has put $3 million (about Rp49.2 billion, based on an exchange rate of Rp16,400 per USD) into Ethena’s ENA token as part of a shift toward decentralized finance (DeFi) governance assets.
This purchase, which was announced on September 12, 2025, is the first step in the company’s Stablecoin Governance Token Treasury Reserve Strategy. The goal of this strategy is to develop a strong portfolio of tokens that support high-growth stablecoin protocols.
Mega Matrix is at the forefront of stablecoin innovation after buying 3.86 million ENA tokens over two weeks for an average price of $0.7117 per token (including fees). It is because Ethena’s USDe synthetic currency has been growing very quickly. This brave move, together with a new $2 billion shelf registration with the U.S. Securities and Exchange Commission (SEC), shows that Mega Matrix believes that governance tokens are a key part of diversifying a company’s finances.
This investment shows that more companies are getting into non-traditional crypto assets, as stablecoins like USDe change the way DeFi liquidity works. USDe made $100 million in revenue in 250 days and had $10 billion in circulation in just 500 days.
Information on the ENA Acquisition
Mega Matrix bought the 3.86 million ENA tokens over the course of two weeks, concluding in early September 2025. The average cost was the same as what was described above. ENA is the governance and utility token of the Ethena system. It lets holders help make decisions about USDe, a synthetic stablecoin that stays stable using delta-neutral hedging strategies that use derivatives and spot assets. This purchase is about 0.39% of ENA’s total circulating supply of about 1 billion tokens. It’s a small yet strategic entrance point.
The move isn’t a one-time thing; Mega Matrix plans to buy more ENA every week, depending on how the market is doing and how volatile it is. This dollar-cost averaging method helps smooth out short-term price changes, which is a prominent strategy in crypto treasury management. The initial stake’s worth has gone down a little since prices are now approximately $0.50 (as of September 13, 2025). However, the company’s long-term focus on governance participation and yield generation means it is in a good position to gain from any possible growth as USDe grows.
Colin Butler, Executive Vice President and Head of Global Markets at Mega Matrix, stressed the reason in the company’s press release: “USDe has proven its sustainability, generating $100 million in revenue within 250 days and expanding its circulation to $10 billion in just 500 days.” No other stablecoin has grown as quickly. That’s why ENA is at the heart of our treasury plan. This support shows that ENA is more than just a rumor: as a governance token, it gives holders the power to vote on changes to the protocol, fees, and risk levels, which could lead to revenue-sharing opportunities.
The Strategy for the Digital Asset Treasury (DAT)
Mega Matrix’s investment starts its Digital Asset Treasury (DAT) structure, which is a full plan for putting company reserves into governance tokens backed by stablecoins. DAT is different from traditional treasuries that depend on currency or blue-chip cryptos like Bitcoin and Ethereum. Instead, it focuses on tokens that provide value to the ecosystem and generate yield. Mega Matrix can learn about Ethena’s delta-hedged model by focusing on ENA. This model has protected USDe from common stablecoin problems like depegging during market stress, as shown by its resilience during the August 2025 crypto slump.
The technique fits with a trend in business: adding DeFi yields to balance sheets to get better returns. Mega Matrix, which used to focus on mainstream assets, sees this as a natural step forward. The corporation said, “After Bitcoin and Ethereum, we’re betting $2 billion on ENA as the next treasury asset.” This was in reference to its SEC application for flexible funding. This global shelf registration, which will take effect once it is approved, lets Mega Matrix sell up to $2 billion in securities over three years. This gives them the money they need to make big ENA purchases and other DeFi moves.
This bet is based on Ethena’s USDe. USDe, which started in February 2025, mixes staked Ethereum (stETH) with short perpetual futures to provide you synthetic dollar exposure. It makes money from financing rates and basis transactions. ENA is a trendy governance asset because it has quickly risen in value, reaching over $10 billion in total value locked (TVL) by September. Staking rewards and protocol fees encourage people to hang on to their ENA for a long time. Mega Matrix’s entry makes it one of the first institutional players, which could affect Ethena’s plans for wider use.
Change from Mainstream Crypto to Governance Tokens
Historically, Mega Matrix’s crypto exposure leaned toward established names like BTC and ETH, mirroring conservative corporate strategies. This ENA pivot shows that the market is getting more mature, and governance tokens can help you in two ways: they can increase in value and let you actively participate in the evolution of the protocol. The corporation can vote on important suggestions, including yield optimization or integration with layer-2 networks, by holding ENA. This creates a mutually beneficial relationship with Ethena’s engineers.
This fits with changes in the industry. Companies like MicroStrategy were the first to create Bitcoin treasuries, but now DeFi-focused companies are starting to show up. Arthur Hayes, the former CEO of BitMEX, bought $1 million worth of ENA on September 9, 2025, saying that it had “asymmetric upside.” Mega Matrix’s $2 billion investment makes this even bigger, and it could be similar to BlackRock’s tokenized fund projects. People have been positive about X, and users like @Lookonchain are keeping track of the purchases and guessing about a “corporate DeFi rush.”
Risks and Things to Think About When It Comes to Rules
There are always problems with treasury strategies. The supply dynamics of ENA are a big risk because a lot of its 15 billion total supply is still locked up in vesting schedules, which will gradually unlock over the years and potentially cause selling pressure. Weekly accumulations are a good idea, but they make Mega Matrix more vulnerable to ENA’s volatility. ENA is down 30% from its all-time high of $1.50 in April 2025, when other altcoins were also correcting.
There is a lot of regulatory scrutiny. There is more and more oversight of stablecoins and governance tokens around the world. The U.S. SEC is still debating its stablecoin framework, while the EU’s MiCA requirements will go into force in 2025. These could have an effect on USDe’s operations and ENA’s usefulness. Mega Matrix may have to spend more money to meet new anti-money laundering (AML) and consumer protection rules. Singapore’s Monetary Authority is making DeFi laws stricter throughout Asia, which could have an effect on the company’s base.
Mega Matrix is still hopeful, though. A spokeswoman said, “We’re committed to navigating this space with diligence, viewing stablecoin governance as pivotal to digital finance’s future.” Diversifying between trusted methods will lower the dangers of owning only one asset.
Conclusion
Mega Matrix Inc.’s $3 million ENA purchase (Rp49.2 billion) heralds a new era for corporate crypto treasuries, blending governance participation with stablecoin yields in its DAT strategy. By anchoring on Ethena’s high-octane USDe—boasting unmatched growth—Mega Matrix is betting on DeFi’s maturation, backed by a $2 billion SEC filing for scaled investments. This move from BTC and ETH to altcoin governance tokens could encourage others, showing that stablecoins are becoming more popular as yield-bearing reserves. But with vesting pressures, market volatility, and regulatory challenges, success depends on following through on plans. For the crypto market, it’s a vote of confidence in ENA’s ecosystem, potentially fueling a rally as institutional inflows accelerate. As DeFi evolves, moves like this may redefine how corporations harness blockchain for sustainable returns—watch for Mega Matrix’s next buys to gauge the trend’s momentum.
