Mega Matrix Bets Big on Ethena: A 6x Upside Gamble 🤷‍♂️💰

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So, I’m just sitting here, minding my own business, and I hear about this company called Mega Matrix. They’re basically saying, “Hey, let’s put all our eggs in one basket, but this basket is digital and it’s called Ethena.” 🤔

And why are they doing this? Well, because the U.S. government decided to get involved with stablecoins and passed this thing called the GENIUS Act. It’s like they finally realized, “Hey, maybe we should regulate these things before they take over the world.” 🌍🔒

But here’s the kicker: Circle, the big dog in the stablecoin world, is already public, and their stock is doing great. Colin Butler, the guy from Mega Matrix, is telling everyone, “Sure, Circle’s doing well, but Ethena’s going to do even better!” 🚀💰

Circle went public in June, and their stock has been on fire, up 87% since then. They made $1.68 billion in revenue and reserve income last year, with $155.7 million in net income, mostly from interest on their USDC reserves. 📈💸

Butler thinks Ethena can bring in $150 million in the next 6-12 months, which means a 6x upside. He says it’s because of USDe, Ethena’s synthetic stablecoin that actually pays you to hold it. Unlike USDC and USDT, USDe is like a savings account that gives you a return. 🏦🌱

To make it easy for regular folks to get in on the action, Mega Matrix is positioning itself as the first publicly traded digital asset treasury focused on Ethena. They’re putting all their reserves into Ethena’s governance token, ENA. 🤝💼

Butler says this opens the door for retail investors to get direct exposure to the stablecoin market for the first time. Before, you had to go through Circle or Coinbase. 🛒💳

Mega Matrix used to be all about entertainment and games, but they started exploring blockchain in 2021 and officially became a digital asset treasury in 2025. They’re funding their strategy with a $2 billion shelf registration, which gives them the flexibility to raise capital over time and keep building their ENA holdings. 💼📊

Ethena Fee-Switch Mechanism

When they filed their shelf registration, Mega Matrix pointed out Ethena’s “fee-switch” mechanism as a potential goldmine. Once it’s activated, a portion of the protocol’s revenues will go to ENA stakers, so tokenholders can share in the profits. 🎉💸

This idea was proposed by Wintermute Governance in November 2024, and it was approved later that month. Ethena Labs set out a bunch of success metrics tied to circulating supply, cumulative revenues, and exchange adoption. 📋🎯

Even though the benchmarks have been defined, there’s still no official activation date for the fee switch. The Ethena Foundation hasn’t announced when it’s happening, but market watchers say Ethena’s growth has already surpassed some of the original thresholds. 📊🚀

Cumulative protocol revenues are almost at the qualifying levels, and USDe’s market cap has hit $13 billion, making it the world’s third-largest stablecoin. But until they pull the trigger on the fee switch, we’re all just waiting and watching. 🕵️‍♂️👀

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2025-09-11 20:05