ENA Gains Spotlight With $1M Hayes Bet and Mega Matrix Push

Arthur Hayes invests $1M in ENA, signaling strong confidence in the project.

Mega Matrix makes ENA central to its treasury, projecting $150M revenue growth.

Ethena’s USDe stablecoin surpasses $13B market cap, ranking third globally.

Ethena’s ENA has quickly become one of the most talked-about projects in crypto this week. The spotlight grew brighter after Mega Matrix, a publicly traded firm, announced ENA as the centerpiece of its digital asset strategy. At the same time, Arthur Hayes, co-founder of Maelstrom, revealed nearly $1 million in token purchases. These moves highlight the growing confidence surrounding Ethena’s stablecoin ecosystem and its bid to capture a larger share of the market.

Mega Matrix Builds Around Ethena

Mega Matrix has positioned itself as the first public treasury devoted to Ethena. The company concentrates reserves in ENA, the governance token, and operates through a $2 billion shelf registration. This strategy allows the firm to expand holdings steadily while signaling faith in the project’s long-term vision. Colin Butler, executive vice president of Mega Matrix, shared ambitious expectations with reporters. He projected that Ethena could generate $150 million in revenue within a year.

Compared to Circle’s current performance, Butler described the target as a potential sixfold upside. The company’s history adds context to the pivot. Before embracing crypto, Mega Matrix operated in entertainment and game publishing. Leadership began exploring blockchain in 2021 and officially repositioned as a digital asset treasury in 2025. This transformation reflects a broader belief that blockchain-linked revenues can outpace traditional sectors.

Hayes’ Bet and Market Dynamics

Arthur Hayes fueled additional excitement with a string of ENA purchases worth nearly $1 million. Data from Arkham Intelligence shows two separate rounds of buying across several days. The timing closely matched Hyperliquid’s upcoming validator vote on the USDH ticker. Ethena hopes to control that ticker while shifting trading pairs away from USDC.

Ethena’s pledge includes funneling 95% of revenue to Hyperliquid validators while covering migration costs. Analysts view this as a strategic move to strengthen exchange alignment and broaden adoption. Prediction markets currently lean toward a rival proposal, yet Hayes’ bet has stirred debate. Some see his actions as personal positioning, while others interpret them as indirect support for Ethena’s campaign.

USDe’s rapid growth has also intensified attention on ENA’s future role. Regulatory clarity is emerging through the GENIUS Act, which sets federal oversight for stablecoins. If adopted, such oversight may improve institutional confidence and widen adoption. Wintermute Governance has already outlined parameters for distributing protocol revenues to ENA holders once the fee-switch mechanism activates.

For now, excitement around Ethena reflects both growth and risk. Validator alignments, governance decisions, and prediction markets will shape outcomes in the coming days. What remains clear is that ENA has captured significant interest from both institutional and individual investors. Mega Matrix has made ENA central to its treasury, projecting rapid revenue growth.