6h ago
MegaETH Buys Back 4.75% Equity and Token Warrants đź“Š
@megaeth_labs has repurchased 4.75% of its equity and token warrants from pre-seed investors, an uncommon move ahead of its mainnet and token launch expected later this year.
> Co-founder Shuyao Kong said the buyback followed requests from early investors closing their funds.
> Since MegaETH doesn’t allow secondary trades, the team became the sole buyer.
> The transaction was completed above the company’s prior $100M+ seed valuation, with approval from major stakeholders Dragonfly and Echo.
> MegaETH said the pre-launch buyback aims to tighten ownership and maintain “aligned, long-term builders” rather than passive capital.
> The team previously raised $10M via Echo and $13M from The Fluffle NFT sale, both at the same valuation.
> A public token sale is planned through Cobie’s Sonar platform, with registration open from October 15 to 27, as the project prepares to go live on mainnet.
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