Ethena price hovered near $0.70 amid overall crypto market wobbles on Friday.
Mega Matrix announced it acquired $6 million of ENA for its treasury strategy.
Analysts see scope for ENA to approach the $1 mark in the coming weeks as bulls regain control.
Digital asset treasury moves have been the talk of Wall Street for a while now, and the latest cryptocurrency to attract notable investment is Ethena (ENA).
On Friday, Singapore-based short-video streaming operator Mega Matrix announced its institutional foray into the DAT ecosystem with a $6 million scoop of ENA tokens.
While the news came amid an overall crypto downturn, ENA price remained near a key level of $0.70.
Mega Matrix buys $6 million ENA for treasury
Mega Matrix announced in a press release that it has completed a $6 million purchase of ENA tokens.
The company said the move reflects its commitment to a diversified treasury approach focused on stablecoin governance assets, with the Ethena token positioned as a central element of its “DAT Strategy.”
“Following our launch of MPU’s Stablecoin Governance Token Treasury Reserve (DAT) strategy, we have further expanded our holdings of $ENA and will continue executing weekly accumulations based on market conditions, strengthening our commitment to building the premier treasury reserve for stablecoin governance tokens,” Mega Matrix management said in a statement.
According to the announcement, the purchase was executed over several weeks through open-market transactions on major exchanges, allowing Mega Matrix to build its position without disrupting market dynamics.
Mega Matrix said it has acquired a total of 8.46 million ENA tokens at an average purchase price of $0.7165 per token.
The company noted that holding ENA provides potential governance influence along with exposure to staking rewards and protocol fees, aligning with the broader objectives of its DAT strategy to optimise treasury yields in digital asset markets.
ENA price forecast: Why else is Ethena bullish?
With a market capitalization of $4.6 billion, Ethena now ranks among the top 50 cryptocurrencies.
Backed by endorsements from established entities, the token is drawing attention similar to other leading altcoins such as BNB, XRP and Solana — a trend that could support further adoption of Ethena and similar projects.
Other than the crypto treasury bets spree, Ethena’s bullish outlook stems from several interlocking factors, including a leading role in the stablecoin market.
Ethena’s USDe stablecoin has surged to more than $14 billion in circulating supply, underscoring strong demand from investors seeking dollar-denominated returns via DeFi strategies such as delta-hedging and staking.
Broader market dynamics, including improving regulatory clarity and ETF approvals, are also contributing to the bullish outlook.
At the same time, Ethena’s open-market ENA buybacks and whale accumulations are reinforcing sentiment.
With momentum building, analysts see scope for ENA to approach the $1 mark in the coming weeks as bulls regain control.
