Mega Matrix purchases $3 million in ENA tokens for treasury strategy

Mega Matrix Inc. (NYSE American: MPU) purchased approximately $3 million worth of ENA tokens as part of its stablecoin governance token treasury reserve strategy, according to a company statement.

The Singapore-based holding company acquired 3.86 million ENA tokens at an average cost of $0.7117 per token over a two-week period, including all fees and transaction costs. The purchase price was based on the past one-day volume-weighted average price.

The transaction represents the initial implementation of Mega Matrix's Digital Asset Treasury strategy, which the company previously announced. Management indicated plans to systematically accumulate ENA tokens on a weekly basis, subject to market conditions.

Mega Matrix operates FlexTV, a short-video streaming platform and producer of short dramas, through its indirect wholly owned subsidiary Yuder Pte, Ltd. The company is expanding its business strategy to include stablecoin governance token investments alongside its existing operations.

The purchase follows the company's stated objective to build a treasury reserve focused on stablecoin governance tokens. ENA tokens are associated with governance functions within stablecoin protocols.

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