Another merger and acquisition of a US shell company has occurred, with a stock issuance and tokens sold to its own microstrategy.

The US company with the code TLGY announced a financing of $360 million to purchase $ENA , with a key point being that $60 million of this is ENA, which is issued by the Ethena Foundation.

The company stated that it will have market makers buy $5 million worth of ENA every day in the future, expecting to continue for 6 weeks, to stockpile.

At the current price, this is equivalent to 8% of the circulating supply. But the most critical point is that the Ethena Foundation has veto power and can unilaterally decide whether this US microstrategy can sell ENA.

Interestingly, among the investors in this discounted stock subscription issuance, there is a familiar face, Pantera, who is already an investor in several microstrategies like SBET, BMNR, DYDN, etc.

Life, death, Pantera.