CoinVoice has recently learned from official sources that the stablecoin issuer StablecoinX has completed $360 million in financing for the acquisition of ENA tokens and plans to list Class A common stock on the Nasdaq Global Market under the ticker symbol 'USDE'. Among them, the Ethena Foundation will contribute ENA tokens valued at $60 million.
To initiate the acquisition plan, StablecoinX will use the net cash of $260 million obtained from financing (after deducting related expenses) to purchase locked ENA tokens from the Ethena Foundation's subsidiary.
Starting today, a subsidiary of the Ethena Foundation (through third-party market makers) will strategically acquire ENA tokens on public trading platforms using the entire $260 million cash obtained from token sales over the next few weeks, aligning the foundation's interests more closely with those of StableCoinX shareholders.
According to the plan, approximately $5 million will be invested daily for acquisitions over the next 6 weeks. At the current price, $260 million accounts for about 8% of ENA's circulating market value.
It is worth noting that the Ethena Foundation has exclusive decision-making power and can veto StableCoinX's sale of any ENA tokens. Ideally, these tokens will only be used for accumulation and will not be sold.
If StableCoinX subsequently raises funds to purchase more locked ENA from the Ethena Foundation or its affiliates, the cash proceeds from these token sales are planned to be used for spot purchases of ENA. [Original link]
