On July 21, according to official sources, stablecoin issuer StablecoinX announced the completion of a $360 million financing round to acquire ENA tokens and plans to list Class A common stock under the ticker "USDE" on the Nasdaq Global Market. Among this, the Ethena Foundation will contribute ENA tokens worth $60 million.
To launch the acquisition plan, StablecoinX will use the net cash of $260 million (after deducting related fees) to purchase locked ENA tokens from the Ethena Foundation's subsidiary.
Starting today, the Ethena Foundation's subsidiary (through a third-party market maker) will strategically acquire ENA tokens on open trading platforms using the entire $260 million cash from token sales over the next few weeks, which will align the foundation's interests more closely with StableCoinX shareholders.
According to the plan, approximately $5 million will be invested daily for acquisitions over the next 6 weeks. At current prices, $260 million represents about 8% of ENA's circulating market value.
It is worth noting that the Ethena Foundation has exclusive veto rights to prevent StablecoinX from selling any ENA tokens. Ideally, these tokens will only be used for accumulation and not sold.
If StablecoinX subsequently raises funds to purchase more locked ENA tokens from the Ethena Foundation or its affiliates, the cash proceeds from these token sales will be used to purchase ENA in the spot market.
