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- Mega Matrix launches a $2B DeFi plan, starting with a $3M purchase of 3.86M ENA tokens.
- The company buys ENA weekly under its DeFi Asset Treasury, aiming to build a top governance reserve.
- Stock jumped 15% after ENA news, reversing losses from the earlier filing of a $2B fundraising plan.
Mega Matrix has introduced its $2 billion DeFi strategy with a resounding introduction. The company reportedly purchased 3.86 million ENA tokens at $3 million. The transaction was announced in a press release dated Sept. 12. The shift indicates a complete change in direction, moving content streaming towards decentralized finance governance.
The tokens were acquired under the new strategy in the DeFi Asset Treasury. The average price of ENA at Megamatrix was $0.7117, with the fee included. This accumulation occurred within two weeks. The one-day volume-weighted average price was applied in the company.
Mega Matrix Expands ENA Holdings
Executives affirmed that the current is not a one-time transaction. The company will keep on purchasing ENA weekly. The management indicated that it will make purchases based on the market conditions. The leaders outlined the strategy as an initiative to establish the most powerful treasury of stablecoin governance tokens.
The announcement comes after a filing this month. On Sept. 4, Mega Matrix filed a universal shelf registration statement with the U.S. Securities and Exchange Commission. The filing can raise up to 2 billion dollars on a 3-year basis once it becomes effective. While, the possible funds can be raised in the form of shares, debt, or warrants.
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However, the DeFi Asset Treasury strategy is allocated all the proceeds. ENA has been identified as a key target by management. The company considers governance tokens as the equity of stablecoin ecosystems. According to the executives, the value of owning these tokens will be both monetary and direct in decentralized networks.
Shares Jump 15% on DeFi Strategy News
The market promptly responded to the news. According to Yahoo Finance data, Mega Matrix shares increased by 15% in pre-market trading to $1.94. This response can be compared to the beginning of the month. However, the first time the $2 billion plan was announced, the stock fell nearly 4%, with the investors considering the extent of the strategy.
However, the new direction that the company has taken is a drastic change of direction. Mega Matrix was formerly focused on streaming and entertainment. It is now shifting into blockchain and governance tokens. According to executives, such a change is part of a vision to gain control of the future of stablecoin infrastructure.
This long-term plan starts with the ENA purchase. However, Mega Matrix is determined to establish a permanent place in decentralized finance by coherently accumulating holdings. The shift highlights the way conventional companies are shifting capital to digital assets.
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