- Ethena’s price hovered near $0.70 amid broader crypto market fluctuations on Friday.
- Mega Matrix announced it purchased $6 million worth of ENA for its treasury management strategy.
- Analysts expect ENA to approach the $1 mark in the coming weeks if bulls regain control.
Treasury allocations to digital assets have been a hot topic on Wall Street, and the latest cryptocurrency attracting significant institutional investment is Ethena (ENA).
On Friday, Singapore-based short-form video streaming operator Mega Matrix revealed an institutional move into the DAT ecosystem with a $6 million acquisition of ENA tokens.
Despite the announcement arriving during a broader crypto pullback, ENA’s price held close to the key $0.70 level.
Mega Matrix buys $6 million of ENA for its treasury
Mega Matrix said in a press release that it has completed a $6 million purchase of ENA tokens.
The company explained the purchase 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.”
“Since launching MPU’s Stablecoin Governance Token Treasury Reserve (DAT) strategy, we have continued to expand our $ENA holdings and will continue weekly accumulations based on market conditions, reinforcing our commitment to building a leading treasury reserve of stablecoin governance tokens,” Mega Matrix management said.
The announcement noted the acquisition 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 reported acquiring a total of 8.46 million ENA tokens at an average purchase price of $0.7165 per token.
The company stated that holding ENA offers potential governance influence as well as exposure to staking rewards and protocol fees, aligning with its broader DAT strategy goals to optimize treasury yield within digital asset markets.
ENA price outlook: Why Ethena appears bullish
Ethena’s market capitalization stands at approximately $4.6 billion, placing it among the top 50 cryptocurrencies by market value.
Backed by established institutions, the token is gaining attention similarly to leading altcoins such as BNB, XRP and Solana — a trend that could support adoption of Ethena and comparable projects.
Beyond institutional treasury flows, Ethena’s bullish outlook is supported by several interconnected factors, including its growing role in the stablecoin sector.
Ethena’s USDe stablecoin supply has climbed above $14 billion in circulation, highlighting strong demand from investors seeking dollar-denominated yield through DeFi strategies like delta hedging and staking.
Broader market dynamics — including improving regulatory clarity and potential ETF approvals — are also contributing to positive sentiment.
At the same time, Ethena’s open-market ENA buybacks and accumulation by large holders are reinforcing momentum.
With that momentum building, analysts anticipate ENA could approach the $1 threshold in the coming weeks if bulls reassert control over the market.