CoinVoice has recently learned that StablecoinX, the stablecoin issuer, has announced the completion of $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 '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 raised from financing (after related expenses) to purchase locked ENA tokens from the Ethena Foundation's subsidiary.
Starting today, the Ethena Foundation's subsidiary (through a third-party market maker) will strategically acquire ENA tokens on public trading platforms using the entire $260 million cash raised from the token sale over the next few weeks, aligning the foundation's interests more closely with those of StableCoinX shareholders.
According to plan, approximately $5 million will be invested daily for acquisitions over the next 6 weeks. At the current price, $260 million represents about 8% of ENA's circulating market value.
It is noteworthy that the Ethena Foundation has exclusive decision-making power to veto any sale of ENA tokens by StableCoinX. Ideally, these tokens will only be used for accumulation and not for sale.
If StableCoinX subsequently raises funds to purchase more locked ENA from the Ethena Foundation or its affiliates, the cash proceeds from these token sales will be planned for spot purchases of ENA. [Original link]
