The Ethena Foundation is looking to create a crypto treasury company called StablecoinX, which will invest in a $360 million ENA token buyback.
On Monday, a dedicated unit of the foundation announced it entered an agreement with the TLGY Acquisition (ticker TLGYF) special purpose acquisition company to go public. The Ethena Foundation spun up a newly-formed validator and infrastructure business to purchase millions worth of ENA.
Both firms have also entered into private investment in public equity deals for approximately $360 million total. This includes a $60 million investment from the Ethena Foundation and additional capital commitments from leading investors Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, Wintermute, among others.
“The proceeds from the PIPE are expected to anchor a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol’s native token,” the project wrote in a statement. “Ethena is the third-largest issuer of digital dollars on-chain, after Tether and Circle. This treasury initiative supports StablecoinX’s objective of generating shareholder value by securing a strategic stake in a protocol at the forefront of the accelerating global demand for digital dollars.”
The combined company is called StablecoinX Inc., and its stock will be listed on Nasdaq under the ticker USDE. StablecoinX will also run ENA infrastructure and offer staking services. The team “is committed to maximizing ENA per share” and plans to direct earnings into strategic ENA accumulation.
Ethena offers an Ethereum-based USDe “synthetic dollar” which maintains stability through a delta-hedging trading strategy. Some crypto investors treat this yield-generating instrument as an “internet bond.” In June, the project partnered with Securitize to offer atomic transfers between BlackRock’s tokenized fund BUIDL and Ethena’s USDtb stablecoin, which is fully backed by BlackRock’s USD Institutional Digital Liquidity Fund.
“The Ethena Foundation’s mandate is to safeguard Ethena’s longevity and decentralization,” Ethena Foundation DIrector Marc Piano said in a statement. “Partnering with StablecoinX under a disciplined, locked‑token framework ensures that capital entering the ecosystem is long-term and value‑accretive while enhancing ecosystem capital efficiency.”
ENA is trading at $0.52, up over 6% on the day. The token hit an all-time high of $1.52 in December 2024, according to The Block’s ENA price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
