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StablecoinX Adds $530 Million PIPE as Ethena Launches $310 Million ENA Buyback

The coordinated treasury plan couples fresh capital with programmatic repurchases to tighten ENA’s float as USDe’s rapid growth attracts institutional investors.

Ethena Treasury Plans and USDe Adoption Fuel Bullish Outlook for ENA
Stablecoinx secures $530m investment to back ethena linked treasury
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Overview

  • StablecoinX’s latest raise lifts total PIPE commitments to about $895 million, with the firm projecting control of more than 3 billion ENA once transactions close.
  • An Ethena Foundation subsidiary will repurchase $310 million of ENA over six to eight weeks via market makers, deploying $5 million per day above $0.70 and $10 million per day below $0.70 or after a 24‑hour drop greater than 5%.
  • The new program, together with earlier purchases, is reported to cover roughly one‑fifth of ENA’s circulating supply, concentrating holdings and reducing available float.
  • ENA jumped more than 12% after the announcements, reflecting expectations for sustained buying and tighter liquidity.
  • Backers of the PIPE include YZi Labs, Brevan Howard, Susquehanna Crypto, IMC Trading, Dragonfly and ParaFi, as StablecoinX and TLGY advance a merger with plans to list on Nasdaq under the ticker USDE; the Ethena Foundation retains veto power over any ENA sales by StablecoinX.