Cryptocurrency markets are abuzz with major news.
#Ethena , one of the notable projects in the DeFi sector, has ushered in a new era in crypto finance by establishing a new treasury management company called "StablecoinX." But the real bombshell is the repurchase of 260 million
$ENA tokens through this new structure. This purchase represents 8% of ENA's circulating supply at current market prices!
🏦 StablecoinX: The Next-Generation Crypto Treasury Model
The world of TradFi has seen examples like MicroStrategy's Bitcoin purchases or some funds' Ethereum-focused portfolio management. However, Ethena's vision is much more aggressive and ambitious: It's launching with a company model that will utilize its own token,
#ENA , as a treasury asset.
The newly established StablecoinX has raised $360 million in total funding. Of this funding:
260 million will be used to repurchase openly held ENA tokens.
A 40 million portion is allocated to the company's total expenses.
The remaining 60 million portion was transferred by the Ethena Foundation as ENA tokens locked into StablecoinX.
Thanks to this structure, StablecoinX creates an asset that positions the ENA token both as a creation and investment vehicle.
📈 ENA Token Boom!
Following the Ethena Foundation's official announcement, the ENA token price rose by more than one and a half percent. However, this jump occurred in just a few hours. ENA, which had already risen by over 100% in a month, may have ignited a new bull run with this move.
ENA, which has re-entered the radar of whales and corporates, now has the potential to create a "new MSTR scenario" with its more limited supply, strong treasury-backed structure, and decentralized finance approach.
💡 ENA Per Share: The Heart of the New Model
One of the most striking aspects of StablecoinX is its use of "ENA per share." Similar to the earnings per share (EPS) programming of the traditional financial market, holders of this model will indirectly own more ENA tokens through their holdings.
In other words, as the company acquires more ENA, its stock will be backed by more token value. This will encourage holding on to its holdings to protect its long-term value.
🔮 Forward-Looking Plans: New Purchases Possible
Ethena has announced that additional capital increases may lead to new ENA buybacks in the future. This means the current supply will be further reduced, potentially driving the token price even higher.
📊 Conclusion: A New Era Has Begun for ENA
Ethena's move marks a significant turning point in terms of institutionalization and token economics, not only for the DeFi world but for the entire crypto market. StablecoinX, through this massive buyback program, could be a historic step for the ENA token in terms of growth, price stability, and investor appeal.
Investors are now searching for the answer:
👉 With this aggressive treasury strategy, could ENA follow in the footsteps of developers like Ethereum and Solana and become a new giant in the crypto world?
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