ETHENA announces the completion of a $360 million 'StablecoinX' PIPE (Private Investment in Public Equity) deal, while its foundation has initiated a $260 million open market repurchase program.

This means that in the coming period, $ENA will have at least $620 million of institutional buying, along with a significant amount of follow-up buying, making the potential buying for $ENA likely to exceed $1 billion.

Currently, the circulating market value of $ENA is $3.3 billion, and the huge buying is expected to push the price of $ENA close to its previous high, and it may even reach a new high.