MegaETH Pre-Market Valuation Taps $6 Billion

Upcoming Ethereum Layer 2 network MegaETH unveiled the terms for its third community-led raise today, coinciding with the launch of MEGA pre-market perpetuals on Hyperliquid.

The raise will begin at an initial valuation of $1 million, with participants bidding on the valuation via an English auction capped at $999 million. If the raise is oversubscribed, which it is expected to be, the team will prioritize allocations to the “existing MegaETH community alongside those who illustrate long-term alignment through social activity, onchain behavior and lockup preferences.”

The initial coin offering (ICO) style raise will be conducted via Sonar, the ICO arm of Echo, which was founded by crypto investor Jordan “Cobie” Fish, and acquired by Coinbase earlier this week.

Soon after the raise announcement, Hyperliquid launched its pre-market perpetual derivatives market for MEGA, placing a more tangible valuation on the project and likely drumming up excitement amongst potential investors.

The MEGA pre-market quickly surged to a $6 billion valuation, and currently trades at a $5.2 billion fully diluted valuation (FDV). If the current pre-market price accurately reflects the MEGA launch price, Sonar ICO participants would immediately be up 5x on their investments, assuming the sale closes at the maximum valuation of $999 million.

At a $5.2 billion valuation, those who participated in the initial MegaETH Echo round would be up 23x on their investments, and those who minted the soulbound MegaETH NFT collection, known as the Fluffles, would be up almost 10x on their allocations, as the Fluffles are entitled to 2.5% of the total MegaETH supply.