Mega Matrix Inc. (NYSE American: MPU) announced on Friday that it has accumulated approximately $6 million worth of ENA tokens as part of its ongoing strategy to build a reserve of stablecoin governance assets.
The company disclosed that the total includes a $3 million purchase completed in the past week. In total, Mega Matrix acquired 8.46 million ENA tokens at an average price of $0.7165 per token, inclusive of fees and transaction costs.
Strategy Focused on Stablecoin Governance
The acquisition is part of the firm’s Stablecoin Governance Token Treasury Reserve strategy, introduced earlier this year. The program aims to establish a diversified holding of digital asset tokens tied to stablecoin networks.
Mega Matrix said the purchases will continue on a weekly basis, depending on market conditions. Company executives noted the latest accumulation is intended to reinforce its position in the governance structure of stablecoin ecosystems.
Market Context and Token Details
ENA is the governance token used within the Ethena protocol, which has drawn attention in digital asset markets for its role in stablecoin-related governance. While Mega Matrix did not disclose its current total ENA holdings, the new acquisition adds to a growing portfolio of governance assets the firm has been steadily building.
The company said its entry into stablecoin governance reflects a broader trend of corporate treasuries diversifying into digital assets beyond Bitcoin and Ethereum. Analysts have noted that governance tokens tied to stablecoin protocols have seen increased institutional interest in 2025 as firms look for exposure to the infrastructure underpinning digital dollar systems.
Company Outlook
Mega Matrix emphasised that its token purchases are guided by daily volume-weighted average prices, a strategy designed to smooth volatility in digital asset markets. The firm said it will continue monitoring conditions before executing further acquisitions.
The company, which is based in Singapore and listed on the NYSE American exchange, has not provided financial projections for its stablecoin governance token strategy. Instead, it has framed the initiative as a long-term reserve plan that may evolve alongside broader developments in the stablecoin sector.
At the time of the company’s most recent purchases, ENA was trading near $0.72 per token, aligning closely with the average cost of Mega Matrix’s acquisitions.
