Ethena Foundation announced that it will acquire ENA tokens with $360 million in private investment by establishing a new company called StablecoinX.
The Ethena Foundation, one of the important institutions in the cryptocurrency world, is launching a special crypto treasury company called StablecoinX. The company has made a merger agreement with a SPAC company named TLGY Acquisition (TLGYF) with the aim of going public. As a result of this merger and agreements, approximately $360 million in private investment funds have been secured.
After going public, StablecoinX will be traded on the Nasdaq stock exchange under the symbol USDE. The company received support from major names such as Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute.
Ethena Foundation will strengthen its ENA token reserves by developing a long-term treasury strategy with these funds. StablecoinX aims to increase investor value and gain a significant strategic position within the Ethena protocol. Additionally, the StablecoinX company will direct its revenues towards token accumulation by offering ENA infrastructure and staking services.
Marc Piano, Director of the Ethena Foundation, emphasized that the agreement will provide long-term value creation, stating, 'This partnership will enhance ecosystem efficiency by allowing capital to enter the Ethena ecosystem in a long-term and value-enhancing manner.'
Ethena's Ethereum-based digital dollar, USDe, maintains its stability with a delta-hedging trading strategy and is viewed by investors as an 'internet bond.' Additionally, in June, Ethena collaborated with BlackRock to provide direct transfer capabilities between the tokenized fund BUIDL and Ethena's stablecoin USDtb.
Ethena has also initiated a $260 million ENA buyback.
The ENA token has risen over 6% in the last 24 hours and is currently trading at $0.52. The token reached an all-time high of $1.52 in December 2024.$BTC