The Ethena project, the issuer of the synthetic dollar USDe, announced the launch of a new company, StableCoinX, which raised $360 million to buy back the ENA token and intends to go public on the Nasdaq under the ticker USDE.
$60 million of this amount will be contributed by the Ethena Foundation in the form of tokens, while the remaining $260 million will be directed towards purchasing locked ENA from the fund's subsidiary.
The funds raised will also be used to buy back ENA on the open market. From today, the fund, with the participation of third-party market makers, will begin purchases of $5 million per day for six weeks. At the current rate, this is equivalent to approximately 8% of the token's circulating supply.
The price of ENA has doubled since the beginning of July, but remains significantly lower than the peak values reached in early 2025.
StableCoinX is positioned as a public company with exposure to the digital dollar and stablecoin market. In the future, it may raise new capital for additional ENA buybacks.
Plans for Ethena's public market entry became known back in February. At that time, it was reported that at the end of 2024, the company raised $100 million through a private sale of ENA tokens to major crypto funds.
In December 2024, Ethena Labs partnered with the cryptocurrency project World Liberty Financial, associated with the family of Donald Trump. The project’s known wallets also hold ENA tokens.
