- Ethena’s price hovered around $0.70 on Friday amid broad fluctuations in the crypto market.
- Mega Matrix announced it has acquired $6 million worth of ENA for its treasury strategy.
- Analysts see room for ENA to approach $1 in the coming weeks if bulls regain control.
Treasury moves involving digital assets have been a hot topic on Wall Street, and the latest cryptocurrency to draw notable institutional investment is Ethena (ENA).
On Friday, Singapore-based short-video streaming operator Mega Matrix revealed its institutional entry into the DAT ecosystem with a purchase of $6 million in ENA tokens.
Although the announcement came during a broader crypto pullback, ENA’s price remained close to the key $0.70 level.
Mega Matrix buys $6 million ENA for treasury
Mega Matrix said in a press release that it completed a $6 million acquisition of ENA tokens. The company described the move as part of a diversified treasury approach centered on stablecoin governance assets, with Ethena positioned as a core element of its DAT strategy.
“Following our launch of MPU’s Stablecoin Governance Token Treasury Reserve (DAT) strategy, we have expanded our ENA holdings and will continue weekly accumulations based on market conditions, underscoring our commitment to building a leading treasury reserve in stablecoin governance tokens,” the Mega Matrix management said.
The firm said 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 reported acquiring a total of 8.46 million ENA tokens at an average price of $0.7165 per token.
The company noted that holding ENA offers potential governance influence, exposure to staking rewards, and protocol fees, aligning with the broader goals of its DAT strategy to optimize yield on digital-asset balance sheets.
ENA price outlook: Why Ethena looks increasingly bullish
With a market capitalization of about $4.6 billion, Ethena now ranks among the top 50 cryptocurrencies.
Backed by endorsements and allocations from established entities, the token is drawing attention similar to other leading altcoins such as BNB, XRP, and Solana — a dynamic that could support further adoption of Ethena and comparable projects.
Beyond crypto-treasury bets, Ethena’s bullish case rests on several interlocking factors, including its leading role in the stablecoin market.
Ethena’s USDe stablecoin has expanded to more than $14 billion in circulating supply, highlighting strong demand from investors seeking dollar-denominated yield through DeFi strategies like delta-hedging and staking.
Broader market drivers, including improving regulatory clarity and potential ETF approvals, also contribute to the optimistic outlook.
At the same time, Ethena’s open-market ENA buybacks and whale accumulation activity have reinforced positive sentiment.
With momentum building, analysts see room for ENA to test the $1 level in the weeks ahead if bullish sentiment returns and market conditions remain favorable.