$ENA announced a $360 million PIPE deal for "StablecoinX," while its foundation is starting a $260 million open market buyback. 👀

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On July 21, according to official sources, StablecoinX announced the completion of a $360 million financing round to acquire <ENA> tokens and plans to list Class A common stock with 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 $260 million in net cash proceeds (after deducting related fees) to purchase locked <ENA> tokens from an <Ethena> Foundation subsidiary.

Starting today, the <Ethena> Foundation subsidiary (through a third-party market maker) will strategically acquire <ENA> tokens on public 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 approximately 8% of the <ENA> circulating market value.

Notably, 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.

StablecoinX to Invest $260 Million to Launch ENA Treasury Strategy, Plans to List on Nasdaq with Code “USDE”

According to Foresight News, based on Bitget market data, ENA briefly broke through 0.54 USDT, possibly influenced by the news of "Ethena planning to use $260 million to purchase ENA tokens in the open market". It is currently priced at 0.5133 USDT, with a 24-hour increase of 5.02%.

ENA briefly broke through 0.54 USDT, and is now quoted at 0.5133 USDT

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