Mega Matrix Frocys listed nyse (MPU) Thursday, deposited a recording of $ 2 billion to establish a digital active treasure focused on the ENA (ENA)The governance token of the StableToin Ethena protocol.
According to the file with the Securities and Exchange Commission (SECOND)The company could sell up to $ 2 billion in titles, with the use of the product of future offers to accumulate cryptographic assets.
The company’s shares decreased up to 6% before recovering after the news. It is still down almost 30% since the company revealed its crypto pivot on August 25.
With this decision, Mega Matrix said that it aims to be the first company listed on the stock market to anchor its digital asset treasure in the governance of Stablescoin by hiding the ENA token of Ethena.
Ethena is decentralized finance (Challenge) Protocol behind the USDE “digital dollar” of $ 12 billion, a token designed to maintain a stable price of $ 1 and generate a yield by holding punctual cryptocurrencies like Bitcoin ether (Eth) sale (short-circuit) equal quantity of derivatives. The ENA protocol governance token could benefit from the protocol income once the mechanism is activated.
In July, a newly formed company called Stablecoinx announced similar plans to make public through a spac merger and establish a treasure of the ENA, aimed at concluding the agreement by the end of the year.
The cash companies of digital assets, or dates, have stormed Wall Street, with listed companies swivel to raise cryptocurrencies by raising funds on traditional capital markets. Strategy (MSTR) Pioneer of this manual to eventually become the largest Bitcoin business owner, while the recent entrants have become more and more small on the smaller tokens.
However, the trend may have already broken out with several names plunging 70% to 80% in recent months and some already negotiating below the value of the net assets of their assets.
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