ChainCatcher message, Ethena Labs posted on X that ENA Treasury Company StablecoinX announced a refinancing of $530 million as part of its ENA accumulation strategy. So far, StablecoinX has raised approximately $895 million through PIPE financing, and after the transaction is completed, it is expected to hold over 3 billion ENA on its balance sheet.
The subsidiary of the Ethena Foundation will use the funds raised from this PIPE to initiate a $310 million ENA buyback plan, which is expected to be executed by a third-party market maker within the next 6 to 8 weeks, accounting for approximately 13% of the circulating supply. The previous round of PIPE financing has been completed, with cumulative purchases accounting for 7.3% of the circulating supply of ENA. The new buyback deployment plan is: when the price of ENA is above $0.7, $5 million will be bought back daily; when the price is below $0.7 or the drop exceeds 5% within 24 hours, $10 million will be bought back daily.
