Ethena To Buy Back $360M ENA, StablecoinX Goes Public

Ethena Foundation – the organization behind the USDe stablecoin protocol on Ethereum – has announced a bold new plan: it will allocate $360 million to repurchase ENA tokens through a new entity named StablecoinX, with the ultimate goal of listing shares on the Nasdaq stock exchange.

 

1. Key Highlights

 

 - Launching StablecoinX, a crypto treasury management firm
 - Successfully raising $360 million from top-tier crypto investment funds
 - Going public on the Nasdaq under the ticker USDE
 - All profits to be reinvested in accumulating ENA tokens

 

2. Details Of The ENA Token Buyback Plan

 

On July 21, Ethena Foundation officially announced the creation of StablecoinX Inc., a company focused on managing digital asset treasuries and tasked with accumulating up to $360 million worth of ENA tokens.

 

2.1. Main Objectives Of StablecoinX

 

 - Build a strategic ENA token reserve

 - Secure the long-term value of ENA

 - Strengthen Ethena’s global leadership in the stablecoin space

 

3. SPAC Merger And Nasdaq Listing

 

Ethena Foundation signed a merger agreement with SPAC firm TLGY Acquisition Corp (ticker: TLGYF) to take StablecoinX public in the United States.

 

3.1. Post-Merger Structure

 

 - The combined company will operate as StablecoinX Inc.

 - Shares will be listed on Nasdaq under the ticker USDE

 - StablecoinX will offer staking services, run validators, and manage infrastructure for ENA

 

4. $360 Million PIPE Investment Round

 

Ethena and its partners successfully raised $360 million via a Private Investment in Public Equity (PIPE) deal.

 

4.1. Investor Breakdown

 

 - Ethena Foundation committed $60 million

 - Other major backers include Dragonfly, Pantera Capital, Polychain Capital, Galaxy Digital, Blockchain.com, Ribbit Capital, Wintermute, ParaFi Capital, Haun Ventures, and more

 

4.2. Fund Utilization Strategy

 

The full amount will be allocated to:

 - Strategically accumulate ENA tokens

 - Maximize ENA per share value for stockholders

 - Reinvest all profits back into the Ethena ecosystem

 

5. What Is Ethena Doing Now?

 

Ethena is currently operating USDe – a synthetic stablecoin on Ethereum that maintains value stability using a delta-hedging strategy.

 

5.1 Key Features of USDe

 

 - Dubbed the “Internet Bond” for its yield-generating capabilities

 - Offers users a stable asset with passive returns

 - Recently partnered with BlackRock and Securitize to enable instant atomic transfers between BlackRock’s BUIDL token fund and Ethena’s fully-backed USDtb stablecoin

 

6. Market Response: ENA Token Rises Sharply

 

Following the announcement:

 - ENA traded at $0.52, up more than 6% on the day

 - The all-time high was $1.52 in December 2024

 

7. Statement From Ethena Leadership

 

“Partnering with StablecoinX enables us to ensure long-term capital flows into the Ethena ecosystem in a sustainable and value-driven way.”
— Marc Piano, Director of Ethena Foundation

 

8. Conclusion

 

This $360 million buyback plan and the Nasdaq listing of StablecoinX mark a major strategic leap for Ethena Foundation. The move aims to:

 - Boost financial sustainability and token value

 - Establish a stronger foothold in the global stablecoin market

 - Drive long-term growth across the decentralized finance (DeFi) ecosystem