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MegaETH concluded its public token sale with $1.39 billion in commitments, surpassing the target by 27.8x, pushing the implied fully diluted valuation to around $27.8 billion at commitment prices.
What's the scoop?
- Sale Target and Commitments: The sale aimed to raise $49.95 million for 5% of the 10 billion MEGA token supply.
- Pre-Market Trading: $MEGA is trading at 4.2 times the sale price on Hyperliquid, reaching up to 5 times in some pre-market activity.
- Timeline: Allocations will be calculated October 30 to November 5, with refunds available November 5-19 and final distributions November 19-21. Token launch is expected in January 2026.
Bankless Take:
MegaETH’s outrageous oversubscription likely comes influenced by the returns investment in Plasma’s ICO offered early investors. Take this along with the lucrative round of ICOs we’ve seen from MetaDAO in recent weeks and it makes no sense people are scrambling over each other for a piece of $MEGA. Regardless of what happens, this certainly speaks to the fact that large amounts of capital are waiting on the sidelines for opportunities they deem worthwhile. Whether $MEGA is one remains to be seen.
