Singapore-based holding company Mega Matrix (NYSE: MPU) has executed the first move in its ambitious $2 billion DeFi Asset Treasury (DAT) strategy by acquiring 3.86 million ENA tokens worth approximately $3 million. The acquisition, completed over a two-week period at an average price of $0.7117 per token including fees, represents the initial step in a systematic weekly accumulation plan contingent on market conditions.
This strategic pivot comes just days after the company filed a universal shelf registration statement with the SEC on September 4, granting it flexibility to raise up to $2 billion over three years specifically for its DAT strategy. Mega Matrix management confirmed this is not a one-off trade but rather the beginning of sustained accumulation, stating: "Moving forward and based on market conditions, we plan to systematically execute our strategy by accumulating ENA on a weekly basis, reinforcing our commitment to building the premier treasury reserve for stablecoin governance tokens."
Investors responded positively to the news, with Mega Matrix's stock climbing 15% in pre-market trading to $1.94. The company positions itself as the first publicly traded treasury dedicated to the Ethena ecosystem, with Executive Vice President Colin Butler projecting Ethena could generate $150 million in revenue within 6-12 months - a 6x upside compared to Circle's current performance.
Simultaneously, Maelstrom co-founder Arthur Hayes purchased nearly $1 million worth of ENA tokens over 48 hours, acquiring 578,956 ENA tokens worth $473,000 on Wednesday following earlier purchases totaling 672,800 ENA tokens valued at $521,000. The timing coincides with Hyperliquid's Sunday vote on the USDH stablecoin ticker, where Ethena is competing for control by offering BlackRock backing through its USDtb stablecoin and pledging 95% of revenue to Hyperliquid while covering migration costs.
Ethena's synthetic stablecoin USDe has grown to become the world's third-largest stablecoin with over $13 billion market capitalization, having reached $12 billion circulating supply in just 18 months - the fastest growth of any stablecoin ever. The protocol's fee-switch mechanism was approved in November 2024 but remains inactive; once activated, it would redirect protocol revenues to ENA token holders.