TLDR
- Mega Matrix positions as first public Ethena ecosystem proxy, betting on ENA growth potential
- Arthur Hayes purchases nearly $1M in ENA tokens ahead of crucial Hyperliquid USDH ticker vote
- Ethena’s USDe stablecoin reaches $13 billion market cap, becoming world’s third-largest stablecoin
- Fee-switch mechanism approved for ENA holders but activation date remains unannounced
- Sunday’s validator vote could determine USDH ticker control with 95% revenue share pledge
Public holding company Mega Matrix has positioned Ethena as the centerpiece of its digital asset strategy. The company calls itself the first publicly traded treasury dedicated to the Ethena ecosystem.
Colin Butler, Mega Matrix’s executive vice president, expects Ethena to generate $150 million in revenue within 6-12 months. He sees this as a 6x upside compared to Circle’s current performance.
Circle went public in June with shares up 87% since listing. Butler believes this demonstrates the potential for stablecoin-focused companies.
Mega Matrix concentrates its reserves in ENA, Ethena’s governance token. The company operates through a $2 billion shelf registration to build its ENA holdings over time.
Before entering digital assets, Mega Matrix worked in entertainment and game publishing. The company began exploring blockchain in 2021 and formally repositioned as a digital asset treasury in 2025.
Arthur Hayes Makes Strategic ENA Purchase
Maelstrom co-founder Arthur Hayes purchased nearly $995,000 worth of ENA tokens over 48 hours. Arkham Intelligence data shows he bought 578,956 ENA tokens worth $473,000 on Wednesday.
Earlier purchases totaling 672,800 ENA tokens valued at $521,000 occurred Monday and Tuesday. The timing aligns with Hyperliquid’s Sunday vote on the USDH stablecoin ticker.
Ethena competes for control of the USDH ticker through Hyperliquid’s validator decision process. The company offers BlackRock backing through its USDtb stablecoin.
Ethena pledges 95% of revenue to Hyperliquid while covering migration costs. This would shift trading pairs from USDC to USDH if successful.
Native Markets leads prediction market odds at 90% despite being newly formed. Their proposal features GENIUS-compliant USDH managed through Bridge, Stripe’s stablecoin issuer.
Paxos revised its Wednesday proposal after PayPal’s backing. The company expanded beyond regulatory emphasis to pledge larger reserve yield shares.
Ethena’s synthetic stablecoin USDe generates yield through staking and hedging strategies. Unlike USDC and USDT, USDe offers holders a return on their investment.
USDe’s market capitalization has surged past $13 billion. This makes it the world’s third-largest stablecoin by market value.
Butler argues USDe serves as more attractive collateral than traditional stablecoins. He believes this positions Ethena better to capture market share.
The growth comes as stablecoin regulation advances through the US GENIUS Act. This comprehensive bill establishes federal oversight of stablecoin issuers.
Ethena (ENA) Price Prediction
Ethena’s fee-switch mechanism was approved in November 2024 but remains inactive. Once activated, it would redirect protocol revenues to ENA token holders.
Wintermute Governance introduced the proposal requesting parameters for revenue distribution. Factors include USDe supply, average protocol revenues, and exchange adoption.
Ethena Labs set success metrics tied to circulating supply and cumulative revenues. Market watchers note Ethena’s growth has already exceeded some original thresholds.
HypurrCollective founder Kirby Ong suggests Hayes’ positioning appears personal rather than backing Ethena specifically. Validator alignments and prediction market sentiment will determine Sunday’s vote outcome.
