Analysis of MegaETH Equity Repurchase and Cobie Platform Public Offering Pricing

Key Points

Equity Buyback : MegaETH completed a 4.75% equity and token subscription rights buyback in the summer of 2025, with a valuation higher than the $100 million FDV of the June seed round, aiming to optimize the equity structure and support a community-led token distribution strategy.

Public Sale Pricing : The Sonar platform created by Cobie will hold a 72-hour English auction from October 27th to 30th, with a starting price of $0.0001 (US$1 million in FDV) and a cap of $0.0999 (US$999 million in FDV), selling 500 million MEGA tokens (5% of the total supply).

Equity repurchase details analysis

Repurchase core data

MegaETH announced on October 17, 2025 that it had completed a share repurchase involving 4.75% of the company's equity and corresponding token subscription rights . The transaction was with undisclosed pre -seed investors.

Repurchase motives and strategic intentions

Investor exit pressure : Some pre-seed funds are facing liquidation and need to liquidate all holdings. Since MegaETH prohibits private secondary transactions, the team actively repurchases to avoid uncontrolled equity transfers .

Optimized ownership structure : Co-founder Shuyao Kong said: "From day one, we have prioritized consistent ownership and long-term builders over transitory capital. When opportunities arise, we would rather withdraw supply from the market than let these shares float privately." cryptobriefing

Community-oriented transformation : This move cleans up the equity table for the upcoming Token Generation Event (TGE), reduces possible selling pressure from early investors, and creates a fairer token distribution environment for public offering participants.

Analysis of Cobie Platform's Public Offering Mechanism

Pricing Range and Valuation Framework

The Sonar platform (a product of the Echo ecosystem created by Jordan "Cobie" Fish) will use an English auction mechanism:

Participation conditions and distribution mechanism

Investment threshold : Individual minimum investment is $2,650 and maximum is $186,282, ensuring that at least 5,000 participants receive the basic quota.

Priority allocation system : A "U-shaped allocation" model is used to determine priorities based on the following factors:

• History of on-chain activity (e.g., early Uniswap adoption, DeFi participation)
• Social media engagement (Twitter interactions, Kaito ranking performance)
• A sense of community (holding MegaETH Fluffle NFTs, CryptoPunks, etc.)

Geographical restrictions : US accredited investors must accept a 1-year lock-up period and enjoy a 10% discount, while non-US investors can choose to lock in.

Time Node

Social sentiment and market reaction

Community sentiment analysis

High Optimism : Discussions on Twitter/X show overwhelming bullish sentiment, with community members expressing strong excitement and FOMO about the project 's community-driven launch. Discussions emphasize the accessibility of the public sale and the potential for retail investors, contrasting it with the traditional VC-led model.

Pricing Arbitrage Opportunities : Investors see the public offering as a rare opportunity for retail dominance, making participants the largest stakeholders after the launch. The response is optimistic, calling for maximum commitment due to preferential distribution based on on-chain activity, social engagement, and NFT holdings.

Valuation Expectation Analysis

Market Pricing Difference : Perpetual futures on Hyperliquid price $MEGA at $4.5-6 billion FDV, suggesting 4-6x upside relative to the cap. This gap fuels the "free money" narrative, as the team reportedly rejected higher VC offers to prioritize public onboarding .

Token Economics Expectations : The community sees equity buybacks as a strategic move to return tokens to the public, avoid VC overcapacity, and align incentives with users. Influencers emphasize how foundation revenue can fund ongoing $MEGA buybacks, positioning the token as a "store of value" backed by true on-chain economics .

Project technical positioning and competitive advantages

Core technical indicators

MegaETH is positioned as a “real-time” Ethereum L2, focusing on ultra-low latency and high throughput:

Funding and investor structure

Total raised : $57.73M, across four completed rounds, including an upcoming public offering that could add another $50M.

Core investors :

• Dragonfly Capital (lead seed investor)
• Vitalik Buterin (Ethereum co-founder)
• Cobie (Jordan Fish, founder of the Sonar/Echo platform)
• Well-known institutions such as Robot Ventures and Figment Capital

Conclusion and Outlook

MegaETH's 4.75% stake buyback represents a rare pre-TGE operation for crypto projects, demonstrating the team's commitment to community alignment. Combined with the Cobie platform's democratized pricing range of $0.0001-$0.0999, this strategy aims to create a more decentralized token distribution model.

Key risks : Centralization risk of a single sorter, unproven large-scale performance Core opportunities : Huge market potential for real-time DeFi applications, strong endorsement from the Ethereum ecosystem

With its October 27th public auction approaching, MegaETH is laying the groundwork for its Q4 mainnet launch and token issuance, with its innovative community-first model potentially setting a new benchmark for L2 project launch strategies.