Binance News | July 21, 2025


The crypto treasury movement is rapidly expanding beyond Bitcoin and Ethereum—and now Ethena’s ENA token is the latest target.$BTC


A new company named StablecoinX is set to go public on the Nasdaq through a SPAC merger with TLGY Acquisition Corp, in a bold plan to accumulate large volumes of ENA tokens. Backed by top-tier crypto investors such as Pantera Capital, Dragonfly, Galaxy Digital, Polychain, and Blockchain.com, StablecoinX is raising $360 million to become the first publicly traded firm focused on the Ethena ecosystem.



Key Deal Highlights:




  • $360M raised via PIPE (Private Investment in Public Equity)



  • $100M in locked ENA tokens purchased at a discount



  • $260M in cash earmarked for secondary ENA token buybacks


The Ethena Foundation confirmed that a subsidiary will launch a $260 million buyback program, targeting ENA tokens directly from public exchanges—adding significant demand pressure to an already surging asset.


ENA Pumps 65% This Week

Following the announcement, ENA spiked to $0.58, before pulling back slightly. It remains up 5% on the day and 65% over the past week, making it one of the top-performing tokens in the DeFi space.


Ethena's Growing Influence

Ethena is best known for powering USDe, a “synthetic dollar” stablecoin protocol with over $6 billion in assets, combining spot crypto exposure (BTC, ETH, SOL) with short positions to generate sustainable on-chain yield. The ENA token serves as the protocol's governance and incentive mechanism.



“As traditional finance races to crypto treasuries, we’re seeing a historic shift toward altcoin-backed investment vehicles,” a Galaxy investor noted. “Ethena is uniquely positioned with real DeFi utility and treasury-grade structure.”


The new company, StablecoinX, is expected to trade under the ticker USDE, with the SPAC deal projected to close by Q4 2025.



Binance Takeaway

From institutional Bitcoin hoards to altcoin accumulation via SPACs, the crypto treasury trend is rewriting how public companies position for long-term value. ENA’s breakout is a signal that DeFi-native tokens are entering Wall Street’s radar—and the buying pressure is just beginning.#StablecoinLaw #StrategyBTCPurchase #StrategyBTCPurchase