Kategorie: Crypto Markets

• Mega Matrix files $2B shelf registration to buy Ethena’s ENA token, betting on stablecoin growth.
• USDe stablecoin climbs to $12.5B market cap, with $500M in revenue as adoption accelerates.
• Analysts warn of risks in yield-bearing digital assets, likening them to 2008-era CDO products.

Mega Matrix, a publicly traded holding company with roots in short-form streaming, is making a bold pivot toward digital asset treasury management.

The firm has filed a $2 billion shelf registration with the US Securities and Exchange Commission (SEC) to support a strategy centered on Ethena’s stablecoin ecosystem, marking one of the largest such filings for a company of its size.

The initiative reflects a growing trend among smaller firms to diversify into digital assets as a balance-sheet strategy, even as the sector continues to face questions over stability and risk.

Building exposure to Ethena’s ENA governance token

Mega Matrix outlined that proceeds from the shelf registration will be used exclusively to accumulate ENA, the governance token of the Ethena protocol.

Ethena operates USDe, a synthetic stablecoin designed to maintain its dollar peg using collateral hedged with perpetual futures contracts.

Unlike fiat-backed stablecoins such as USD Coin (USDC) or Tether (USDT), USDe generates yield from derivatives market funding rates.

Once Ethena’s “fee-switch” mechanism is activated, ENA token holders are expected to receive a share of the protocol’s revenues, giving investors indirect access to yield generated by USDe.

By concentrating its exposure in ENA, Mega Matrix aims to capture both influence in Ethena’s governance and potential returns from the protocol’s revenue model.

The company cited the rapid rise of Circle, the issuer of USDC, and the expanding role of digital asset treasuries as drivers behind its decision.

The firm also pointed to the US GENIUS Act, which prohibits issuers from paying yield directly to stablecoin holders, as a regulatory factor accelerating demand for synthetic, yield-bearing alternatives like USDe.

Ethena’s rapid growth in the stablecoin market

Ethena Labs, the developer behind USDe, has seen its protocol expand quickly despite the relative novelty of its model.

In August, the company reported that cumulative gross interest revenue had surpassed $500 million.

According to CoinMarketCap data, USDe has grown to a market capitalization of $12.5 billion, making it the world’s third-largest stablecoin.

While still much smaller than fully collateralized competitors such as USDT and USDC, Ethena’s unique structure and ability to generate yield have positioned it as a rising player in the stablecoin market.

Its growth has been closely tracked by investors looking for stablecoin models that go beyond traditional fiat-backed structures.

Risks and industry context

Mega Matrix’s $2 billion shelf registration is notable given its relatively modest market capitalization of $113 million.

The firm reported first-quarter revenue of $7.74 million and a net loss of $2.48 million, with its core business still tied to FlexTV, its short-form streaming platform.

Earlier this year, Mega Matrix also purchased $1.27 million in Bitcoin as part of its gradual move toward digital assets.

The company is not alone in this shift. Other firms, such as ETHZilla, BitMine Immersion Technologies, SharpLink Gaming, and Bit Digital, have pursued similar treasury strategies focused on cryptocurrencies.

Still, analysts caution that such approaches carry significant risks.

Josip Rupena, CEO of lending firm Milo, compared the engineering of yield-bearing digital assets to collateralized debt obligations (CDOs), which played a pivotal role in the 2008 financial crisis.

He warned that investors may not always fully understand the exposure they are assuming.

As Mega Matrix embarks on its Ethena-focused plan, the strategy underscores both the appeal and the risks of digital asset treasuries.

Its success may hinge on the continued growth of USDe and the stability of the wider crypto ecosystem.

The post Mega Matrix files $2B shelf registration for Ethena stablecoin strategy appeared first on CoinJournal.

• Ethereum hovers above $4,400 amid a resilient display.
• Bitmine’s aggressive accumulation comes as institutional demand grows, fueling predictions of ETH price hitting a new all-time high.
• Traders are thus likely to closely monitor the $4,200–$4,500 range.

Ethereum signals resilience as its price gains to near $4,500, with institutional interest surging as the ETH “microstrategy” firm Bitmine Immersion Technologies bolstered its crypto treasury.

With whale accumulation and technical support levels pointing to potential upside, traders are eyeing a recovery above $4,500.

The top altcoin reached an all-time high near $5,000 in August. But what’s the outlook today?

Whales buy ETH and Bitmine drives treasury sentiment

Bitmine, dubbed the “Ethereum MicroStrategy,” continues to double down on ETH, and its move has helped keep the token’s price above $4k.

On Thursday, On-Chain data showed the company had added to its ETH haul, with an additional 80,325 ETH worth over $358 million.

The coins came from Galaxy Digital and FalconX and pushed Bitmine’s total holdings of the altcoin to a staggering 1,947,299 ETH.

Bitmine has accumulated over $8.69 billion worth of ETH, bringing its purchases to about 1.44% of Ethereum’s total supply.

It means the company surpasses the holdings of SharpLink Gaming, the second-largest corporate ETH holder, by more than double.

Ethereum price outlook: Bulls eye recovery $5000

Bets on Ethereum’s long-term value, including across staking opportunities and ETFs, have analysts predicting ETH price at $10k by end of year.

Ethereum’s price action in the past month has included swings to highs of $4,946 and lows of $4,200.

As well as the treasury asset trend and spot ETF inflows, bulls have shown resilience amid multiple tokenized stocks launches on Ethereum.

Among them is Trust Wallet, integrating tokenized US stocks and Ondo Finance, bringing over 100 tokenized US stocks and ETFs to investors.

On-chain data supports the bullish case, with whale accumulation and reduced exchange reserves signaling confidence in Ethereum’s fundamentals, despite seasonal volatility risks in September.

The Ethereum Validator Queue shows over 833,141 ETH is awaiting the staking queue, with this amount of fresh staking surpassing that exiting the queue.

Analysts at Glassnode have noted:

“In August, ETH’s biggest holders moved in opposite directions. Mega whales (10k+ $ETH) drove the rally with net inflows peaking at +2.2M $ETH (30d), but their accumulation has now paused. Meanwhile, large whales (1k–10k $ETH), after weeks of distribution, are back in accumulation at +411k $ETH (30d).”

These moves and the broader sentiment suggest buyers are not done yet.

A decisive daily close above $4,500 will allow bulls to retest its all-time high at $4,946.

However, profit taking and overall risk assets weakness could allow sellers a route to support at $4,200 and $4,000.

The post Ethereum eyes gains above $4,500 as whales ramp up ETH accumulation appeared first on CoinJournal.

• Polymarket wins CFTC no-action letter, clearing path to relaunch in US markets.
• DOJ and CFTC probes closed, removing key hurdles for Polymarket’s US return.
• Polymarket to rival Kalshi as a regulated US prediction market exchange.

Polymarket, the crypto-based prediction market platform, has gained the necessary regulatory approvals to begin operations in the United States.

The Commodity Futures Trading Commission (CFTC) issued a no-action letter, clearing the way for the exchange to move forward after years of regulatory hurdles and investigations.

CFTC grants key approval

The CFTC’s no-action letter, announced Wednesday, allows Polymarket to avoid swaps data reporting and record-keeping obligations.

Such exemptions are standard practice for prediction markets, where contracts are based on event outcomes ranging from economic indicators and election results to sporting events.

Without the letter, compliance costs tied to transaction reporting could have been significant, potentially undermining Polymarket’s ability to operate profitably in the US.

“The green light to go live in the USA,” Polymarket CEO Shayne Coplan wrote on X following the announcement.

The exchange has been steadily moving toward reentry into the US market, having acquired QCX earlier this year.

QCX had previously secured CFTC approval for its exchange application in July, setting the stage for Polymarket to expand under a regulated framework.

Background of investigations

Polymarket’s US ambitions had been delayed following regulatory scrutiny dating back to 2022.

That year, the platform faced a consent decree with the CFTC, which limited its ability to serve American users.

Questions later arose over whether Polymarket continued to allow US-based traders onto its platform despite these restrictions, prompting investigations from both the CFTC and the Department of Justice (DOJ).

Both agencies have since closed their probes, removing a significant overhang on Polymarket’s operations.

The latest regulatory clearance, coupled with the earlier acquisition of QCX, marks a turning point for the company as it repositions itself in the US market.

Competitive landscape

By reestablishing its presence in the US, Polymarket joins a growing list of CFTC-regulated exchanges vying for market share in the prediction market space.

Its competitors include Kalshi, which already operates legally in the US, and broader crypto platforms such as Crypto.com, which have signaled interest in event-based contracts.

The prediction market model has drawn attention in recent years as investors, traders, and the general public look for innovative ways to speculate on real-world outcomes.

With regulatory clarity now in place, Polymarket is positioned to attract both institutional and retail interest, provided it can scale its offerings while staying compliant with US oversight.

For Polymarket, the latest approval represents more than just a regulatory milestone.

It signals a chance to compete head-to-head with incumbents and reestablish itself as a leading name in the event contracts industry, now under the full supervision of US regulators.

The post Polymarket secures regulatory clearance to relaunch in the US appeared first on CoinJournal.

• Notcoin has broken a key resistance, sparking a 5% price rally.
• Strong community growth and TON ecosystem support boosted optimism.
• Profit-taking and high-beta volatility may limit near-term gains.

Notcoin (NOT) surged over 5% in the last 24 hours, breaking a month-long downtrend and attracting renewed attention from traders and the crypto community.

The token’s rebound comes amid broader altcoin optimism and strong technical signals, but experts warn that short-term profit-taking could temper gains in the coming days.

Why is the Notcoin price rising today?

The current NOT price rally appears to be driven by a combination of technical triggers, community enthusiasm, and favourable altcoin sentiment.

Notcoin recently bounced after hitting a key support at $0.00165, breaking from a month-long bearish trend.

Eyes are now on the critical resistance zone between $0.0019 and $0.002, a level that has capped the token since mid-August 2025.

Momentum has also been fueled by the community and the broader TON ecosystem.

Notcoin’s on-chain network boasts over 2.8 million holders, with more than $1 billion in decentralised exchange volume and $220 million already distributed to participants.

Social media activity indicates growing excitement around a potential Coinbase listing and increasing adoption within TON’s expanding Web3 infrastructure, particularly its integration with Telegram’s 900 million users.

These factors have reinforced speculative interest, as evidenced by a 24-hour trading volume representing nearly 14% of Notcoin’s market capitalisation.

Broader crypto market conditions have also supported Notcoin’s rebound.

The CoinMarketCap Altcoin Season Index has surged 32.5% over the past month, indicating capital rotation into high-beta tokens.

This altcoin tailwind has amplified Notcoin’s sensitivity to bullish market swings, making its recent price action more pronounced compared to larger, more stable cryptocurrencies like Bitcoin (BTC).

Growing ecosystem and adoption boost optimism

Notcoin’s recent developments outside the charts have further strengthened investor sentiment.

The launch of the NotCard, a digital Visa Signature card, allows users to top up with any cryptocurrency while reinvesting 0.7% of each transaction back into $NOT, supporting buybacks and community rewards.

The card’s rollout, initially digital-only with future plans for physical Apple and Google versions, signals a push toward real-world utility and broader adoption.

Early adopters also receive bonuses, reinforcing community engagement and participation.

Social media buzz has mirrored these developments. Platforms like CoinRabbit now list $NOT as a collateral option, allowing users to unlock funds without selling their tokens.

Such initiatives underscore Notcoin’s increasing integration into the DeFi ecosystem and its potential to attract new participants seeking innovative crypto solutions.

Profit-taking risk could cap gains

Despite the positive momentum, market watchers caution that short-term profit-taking could temper the upside.

Notcoin’s sharp rebound has already triggered liquidations of $1.17 million in short positions near $0.00206, highlighting the high stakes for traders positioning for further rallies.

A failure to maintain weekly closes above $0.0021 may invite sellers looking to capture short-term gains, potentially slowing or reversing the current upward trajectory.

RISK, a crypto analyst, notes that while Notcoin (NOT) is building strong momentum after bouncing from its crucial support at $0.00165, key resistance levels sit at $0.00239, $0.00356, and $0.00564, projecting a potential 226% upside if the breakout is sustained.

NOTCOIN MARKET ANALYSIS!$NOT is building strong momentum after bouncing from its crucial support at $0.00165. Current price action shows a potential shift from consolidation into a sharp bullish move.

Key resistance levels to watch are $0.00239, $0.00356, and $0.00564, with… pic.twitter.com/UWBDbYKXBb

— RISK (@_Riskkk) September 2, 2025

However, the token remains vulnerable to broader market fluctuations, particularly as competition from newer tap-to-earn games and other high-profile altcoins could dilute investor enthusiasm.

The current setup reflects strong accumulation and bullish potential, but short-term traders should remain cautious about rapid profit-taking, especially given the token’s high beta relative to Bitcoin.

The post Notcoin price jumps over 5% signalling a rebound, but profit-taking risks persist appeared first on CoinJournal.