Overview
- The Form F-3 universal shelf would permit Mega Matrix to issue up to $2 billion in equity, debt or warrants over three years, with terms set in later prospectuses.
- Proceeds are earmarked for a DeFi Asset Treasury intended to accumulate Ethena’s ENA governance token and build voting power in the protocol.
- The company says it aims to be the first public firm to anchor a digital-asset treasury in stablecoin governance by concentrating on ENA.
- Shares fell on the news, dropping as much as about 6% intraday before trimming losses, with earlier data showing a 3.83% decline to $1.75.
- The filing’s scale contrasts with the firm’s roughly $113 million market value, as Ethena reports USDe near $12.5 billion and over $500 million in cumulative interest while some analysts warn of CDO-like risks in yield-bearing designs.