StablecoinX Invests $260 Million to Launch ENA Treasury Plan, Aiming for Nasdaq with 'USDE' Ticker
On July 21, stablecoin issuer StablecoinX announced significant news, having completed a $360 million financing round. This funding will be used to acquire ENA tokens, with plans to list Class A common stock on the Nasdaq Global Market under the ticker 'USDE'. Notably, the Ethena Foundation will contribute ENA tokens valued at $60 million.
To advance the acquisition plan, StablecoinX will utilize the net cash of $260 million obtained from the financing (after deducting related expenses) to purchase locked ENA tokens from a subsidiary of the Ethena Foundation.
Starting now, the Ethena Foundation's subsidiary (with the help of third-party market makers) will use the entire $260 million cash from the token sales in the coming weeks to strategically acquire ENA tokens on public trading platforms. This move will more closely align the interests of the foundation with those of StableCoinX shareholders.
