- Ethena’s price hovered near $0.70 amid general crypto market volatility on Friday.
- Singapore-based Mega Matrix announced a $6 million purchase of ENA for its treasury strategy.
- Analysts see potential for ENA to approach the $1 mark in the coming weeks as bulls regain control.
Digital assets have been receiving significant attention on Wall Street, and the latest cryptocurrency drawing notable institutional investment is Ethena (ENA).
On Friday, short-form video streaming operator Mega Matrix announced its institutional entry into the DAT ecosystem with a $6 million acquisition of ENA tokens.
Although the announcement came during a broader market pullback, ENA’s price held close to the key $0.70 level.
Mega Matrix buys $6 million in ENA for its treasury
Mega Matrix said in a press release that it 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 the launch of our MPU Stablecoin Governance Token Treasury Reserve (DAT) strategy, we have expanded our $ENA holdings and will continue weekly accumulations based on market conditions, reinforcing our commitment to building a leading treasury of 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 materially disrupting market dynamics.
Mega Matrix said it 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 as well as exposure to staking rewards and protocol fees, aligning with the broader objectives of the DAT strategy to optimize treasury returns in digital asset markets.
ENA price outlook: Why is Ethena bullish?
With a market capitalization of approximately $4.6 billion, Ethena now ranks among the top 50 cryptocurrencies.
Backed by endorsements from established entities, the token is attracting attention similar to leading altcoins such as BNB, XRP and Solana — a trend that could support broader adoption of Ethena and comparable projects.
Beyond institutional treasury interest, Ethena’s bullish outlook is supported by several converging factors, including its growing 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 such as delta-hedging and staking.
Broader market dynamics — including improving regulatory clarity and the prospect of additional ETF approvals — also contribute to the positive outlook.
At the same time, ENA buybacks in the open market and accumulation by large holders have strengthened market sentiment.
With momentum building, analysts see room for ENA to approach the $1 level in the coming weeks if bulls regain control of the market.