Investors Pile Into Latest Blockchain Auction, Capping One of 2025’s Biggest Token Sales

A major blockchain project has closed one of the most oversubscribed public sales of the year, drawing over $1.39 billion in bids for just $50 million in available tokens.

MegaETH’s highly anticipated public token sale has officially closed, with the project attracting over $1.39 billion in committed capital — despite being capped at around $50 million. The oversubscription pushed the event’s “hypothetical” fully diluted valuation above $27.8 billion, according to data from the project’s website.

The sale, announced last week and structured as an English auction, allowed investors to continue bidding even after reaching the capped clearing price of $0.0999 per token. Though the auction’s hard limit was quickly met, MegaETH kept the window open for additional participation, leading to bids more than 27.8 times the target amount.

Massive Demand in Minutes

Scheduled to run for 72 hours, the auction hit its minimum guaranteed token price of $0.0001 – equal to a baseline valuation of roughly $1 million – within minutes of launching on Monday. The event was structured with a “bimodal allocation process”, which prioritized early ecosystem contributors while also ensuring broad community participation. MegaETH confirmed that at least 5,000 participants would receive baseline allocations starting at $2,650.

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Over 50,000 Participants Compete for Allocation

Despite the sale’s oversubscription, investors were allowed to bid between $2,650 and $186,282 each. The project reported that more than 50,000 global participants submitted bids, reflecting strong demand and speculation surrounding MegaETH’s future role within the Ethereum scaling ecosystem.

The team announced that it will refund all bids below $0.0999, while those who offered the maximum price will be “reviewed for allocation.” Review process runs through November 5, after which final allocations will be confirmed and refunds for unallocated bidders will begin.
The massive response positions MegaETH among the most oversubscribed token sales of 2025, underscoring investor appetite for next-generation blockchain infrastructure projects despite broader market volatility.