Mega Matrix Continues Building its DeFi Asset Treasury with $3 Million ENA Purchase
Mega Matrix, a Singapore-based holding company, has recently announced its second $3 million ENA token purchase, bringing its total holdings to $6 million. This strategic move signals the company’s commitment to its governance-token strategy and broader DeFi ambitions.
The company acquired 8.46 million ENA tokens at an average price of $0.7165, with $3 million of that total purchased in the week leading up to the announcement. This systematic accumulation of ENA tokens aligns with Mega Matrix’s newly launched DeFi Asset Treasury (DAT) strategy, which focuses on stablecoin governance tokens.
In a press release dated September 19, Mega Matrix management confirmed that the company will continue to execute weekly accumulations of ENA based on market conditions, solidifying its position as a premier treasury reserve for stablecoin governance tokens.
The DAT strategy was unveiled to the public on September 12, following an inaugural $3 million ENA purchase. Mega Matrix’s approach to acquiring assets like ENA is grounded in the belief that these tokens represent the equity of stablecoin ecosystems. By holding governance power over foundational DeFi protocols like Ethena, Mega Matrix aims to secure a strategic advantage in the evolving digital economy.
Despite the company’s clear vision and execution of its strategy, market reaction to the latest ENA purchase was mixed. While the first purchase on September 12 led to a 15% rally in MPU shares, the second purchase resulted in a 2.49% dip in pre-market trading. This discrepancy highlights the challenges and opportunities that come with building a treasury of stablecoin governance tokens.
Overall, Mega Matrix’s continued accumulation of ENA tokens underscores its long-term commitment to shaping the future of DeFi and solidifying its position as a key player in the evolving digital economy.