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Mega Matrix (MPU) Files $2B Shelf to Fund Ethena (ENA) Bet

by admin September 4, 2025

NYSE-listed firm Mega Matrix (MPU) filed a $2 billion shelf registration on Thursday to establish a digital asset treasury focused on ENA (ENA), the governance token of stablecoin protocol Ethena.

According to the filing with the Securities and Exchange Commission (SEC), the firm could sell up to $2 billion of securities, with plans to use proceeds from future offerings to accumulate crypto assets.

The company’s stock declined as much as 6% before recovering following the news. It’s still down nearly 30% since the firm disclosed its crypto pivot on August 25.

With the move, Mega Matrix said it aims to be the first publicly traded company to anchor its digital asset treasury in stablecoin governance by stashing Ethena’s ENA token.

Ethena is the decentralized finance (DeFi) protocol behind the $12 billion USDe “digital dollar,” a token designed to keep a steady $1 price and generate yield by holding spot cryptocurrencies like bitcoin BTC$110,890.28, ether (ETH) selling (shorting) equal amount of derivatives. The protocol’s governance token ENA could benefit from protocol revenues once the mechanism is activated.

In July, a newly-formed company called StablecoinX announced similar plans to go public through a SPAC merger and establish an ENA treasury, targeting to close the deal by the end of the year.

Digital asset treasury firms, or DATs, took Wall Street over by storm, with listed firms pivoting to amass cryptocurrencies by raising funds on traditional capital markets. Strategy (MSTR) pioneered this playbook to eventually become the largest corporate owner of bitcoin, while recent entrants increasingly turned their focus to smaller tokens.

However, the trend may have already burst with several names plunging 70%-80% in the past months and some already trading below the net asset value of their holdings.

Read more: Crypto Treasury Names Hammered Further as Nasdaq Reportedly Ups Scrutiny

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September 4, 2025 0 comments

GameFi Guides

Kevin O’Leary’s $13M Bet on Rare Sports Card

by admin September 3, 2025

Kevin O’Leary is turning away from NFTs and putting millions into rare, physical collectibles, specifically high-end sports cards.

The “Shark Tank” star and O’Leary Ventures chairman recently co-purchased a $13 million dual Logoman card featuring Kobe Bryant and Michael Jordan, he said during an interview with CoinDesk TV’s Jennifer Sanasie. The card is one-of-a-kind, and O’Leary—often called “Mr. Wonderful”—sees it as a cornerstone of his growing “index” of unique collectibles.

“The majority of the returns over 20 years have accrued to the collectors who bought the piece uniques,” O’Leary said, comparing the strategy to his long-standing investments in Andy Warhol art and luxury watches. Rather than outbidding others, O’Leary partnered with two investors to acquire the card. “I’d rather own 33 and a third of it than zero,” he said.

Pouring millions into rare sports cards isn’t a passion project—it’s a calculated bet. “It once traded for $75,000 years and years ago, but it shows you the price appreciation,” O’Leary said.

“Grown men are going to weep when they see this,” he added.

Tokenization over NFTs

Despite the overlap with tokenization, O’Leary made it clear that he has no interest in NFTs.

“NFTs turned out to be a fad,” he said. “I’m only buying assets that are physical assets… That [NFT] fad came and went. I’m very fortunate I didn’t get involved in that because I never understood it.”

O’Leary’s sharp dismissal of NFTs comes just a few years after the market exploded in popularity. In 2021, trading volume on NFT marketplaces surged to $25 billion, up from just $95 million the year before, according to data from DappRadar and Chainalysis. Celebrities like Snoop Dogg, Paris Hilton and Steph Curry rushed to launch collections, while major brands including Nike, Adidas and Coca-Cola entered the space.

But the hype was short-lived. NFT sales volumes fell more than 80% by mid-2022 amid the broader crypto downturn, and prices for high-profile collections like Bored Ape Yacht Club and CryptoPunks plunged from their peaks, according to the data.

O’Leary’s issue with NFTS is the lack of physical existence of the assets. “Where is the asset? Where can I put my white glove on and go touch it? That’s what you can’t do with an NFT.”

However, he said his collectibles “will one day be tokenized,” because “it would be much easier to deal with and manage them in an index that way.”

Wall Street on chain

O’Leary frames this shift as part of a larger mission: “Wall Street on chain.”

He believes blockchain infrastructure can modernize how assets are managed—improving transparency, liquidity and trust in markets that still rely heavily on intermediaries.

He remains bullish on foundational cryptocurrencies like bitcoin and Ethereum, and infrastructure plays like mining operators and exchanges.

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September 3, 2025 0 comments

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NFT Gaming

Cathie Wood’s Ark Invest Scoops Up $37M in Bullish and Robinhood: A Bold Bet on Crypto’s Future?

by admin August 21, 2025

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Cathie Wood’s Ark Invest has continued its aggressive push into crypto-related equities, scooping up $21.2 million in Bullish shares and $16.2 million in Robinhood stock on August 19, 2025.

The purchases, made through the firm’s flagship ARK Innovation ETF (ARKK), highlight Ark’s conviction in digital asset infrastructure even as broader crypto stocks tumbled.

According to Ark’s latest filing, the fund acquired 356,346 shares of Bullish and 150,908 shares of Robinhood.

This marks the third consecutive trading day Ark boosted its Robinhood position, following earlier buys of $14 million on Monday and $9 million last Friday. The moves expand Ark’s exposure to platforms shaping the future of trading and digital finance.

TOTAL saw significant losses on the daily chart. Source: TOTAL on Tradingview

Bullish and Robinhood Slide Amid Market Sell-Off

Despite Ark’s heavy buying, both stocks ended sharply lower on the day. Bullish dropped 6.09% to $59.51, slipping an additional 3.24% in after-hours trading, while Robinhood fell 6.54% to $107.50 and lost another 1.23% post-market.

The sell-off wasn’t isolated. Other crypto-linked equities also suffered, with Coinbase down 5.82%, Galaxy Digital plunging 10.06%, Strategy sliding 7.43%, and Circle off 4.49%.

The Nasdaq Composite fell 1.46% as investors pulled back ahead of the U.S. Federal Reserve’s Jackson Hole symposium, where policy signals are expected to shape market sentiment.

A Strategic Bet on Crypto’s Long-Term Growth

Ark’s latest move builds on a $172 million allocation to Bullish last week, when the Cayman Islands-based exchange made its highly anticipated debut on the New York Stock Exchange.

With Ark now holding more than 1.1 million Bullish shares valued at roughly $73.85 million, the firm is betting big on the platform’s role in the evolution of crypto markets.

Similarly, Robinhood has become one of Ark’s most consistent crypto-adjacent holdings. The recent spree increases its share of ARKK’s portfolio to over 4%, highlighting Ark’s belief in the platform’s long-term potential despite short-term volatility.

Wood’s investment strategy mirrors confidence in crypto’s ongoing institutional adoption, as firms like Gemini, OKX, and Kraken explore IPOs. Ark also maintains significant positions in Circle and Coinbase, further engraving its role as one of Wall Street’s most vocal champions of digital assets.

As volatility shakes out weaker hands, Ark’s contrarian bets may position it to capitalize if crypto markets rebound, raising the question: is this a bold gamble, or a long game in the market?

Cover image from ChatGPT, TotalCrypto chart from Tradingview

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August 21, 2025 0 comments