$ENA StablecoinX invests 260 million US dollars to launch the ENA Treasury Strategy, planning to list on Nasdaq with the ticker 'USDE'
On July 21, according to official information, the stablecoin issuer StablecoinX announced the completion of a 360 million US dollar fundraising to buy back ENA tokens and plans to list Class A shares with the ticker 'USDE' on the global Nasdaq market. Among them, the Ethena fund will contribute ENA tokens worth 60 million US dollars.
To kickstart the buyback plan, StablecoinX will use 260 million US dollars in net cash proceeds from the fundraising (after deducting related fees) to purchase locked ENA tokens from the subsidiary of the Ethena fund.
Starting today, the subsidiary of the Ethena fund (through a third-party market maker) will use the entire 260 million US dollars raised from token sales in the coming weeks for the strategy of buying back ENA tokens on public trading platforms, which will align the fund's interests more closely with the shareholders of StableCoinX.
According to the plan, in the next 6 weeks, approximately 5 million US dollars will be invested each day for buybacks. At current prices, 260 million US dollars accounts for about 8% of the circulating market capitalization of ENA.
Notably, the Ethena fund has the exclusive right to veto StablecoinX selling any ENA tokens. Ideally, these tokens will only be used for accumulation and not for sale.
If StablecoinX later raises funds to buy additional locked ENA tokens from the Ethena fund or related parties, the proceeds from the sale of these tokens will be used to purchase spot ENA.
