MegaETH ICO Raises $50M, Sells Out Within Minutes

Upcoming high-performance Ethereum L2 MegaETH raised $50M in a matter of minutes this morning at the maximum $999M valuation, with demand for MEGA tokens exceeded available supply by three times.

What’s the Scoop?

• Blowout Sale: MegaETH has successfully offloaded 5% of its total MEGA supply to retail investors at a ~$1B valuation. The offering, which accepted only Tether’s USDT on Ethereum mainnet, was 3x oversubscribed, with total demand reaching an implied $3 billion FDV at peak.
• Participation Criteria: Only verified accredited U.S. investors and verified non-U.S. participants were eligible. Buyers who locked their MEGA for one year received a 10% token discount, and all U.S. investors were required to lock their tokens.
• Distribution Timeline: MEGA allocations will be determined by November 5, at which time refunds will commence for un-allocated users. Allocated users can withdraw their entire bid up until November 19, and the token sale will be considered "settled" on November 21.
• Community Sales: MegaETH’s ICO follows a series of community-driven fundraising efforts, including a $10M Echo raise last December and its $13M "The Fluffle" NFT sale. All together, MegaETH has now raised ~$75M from retail investors through these various offering formats.
• Recent Repurchase: Earlier this month, MegaETH repurchased 4.75% of company equity and token warrants from early pre-seed (non-retail) investors.