StablecoinX Inc. to acquire $260M in $ENA from open market purchases

#StablecoinX Inc. has announced a $360M capital raise to acquire $ENA and plans to pursue a listing of its Class A common shares. To kickstart its acquisition strategy, StablecoinX Inc. will allocate the full $260M in cash proceeds from the raise to purchase locked ENA from a subsidiary of the #EthenaFoundation.

The planned deployment involves spending around $5M per day starting today, spread over the next six weeks. At current prices, the $260M purchase accounts for approximately 8% of the circulating supply.

👉 x.com/ethena_labs/status/1947286869341016116