StablecoinX and Ethena announced that they will buy $5 million of ENA per day if the price is above $0.70, and $10 million per day if it is below this mark.
StablecoinX Raises Another $530 Million to Buy Ethena (ENA)
StablecoinX, an investment firm with an Ethena (ENA) accumulation strategy, said on September 5 that it has raised an additional $530 million to extend its plans to create a crypto treasury for this prominent cryptocurrency in the DeFi group.
The list of investors participating in StablecoinX's new Capital round includes YZi Labs (formerly Binance Labs ), Brenvan Howard Digital, Susquehanna Crypto, and IMC Crypto.
Combined with the $360 million announced in July, StablecoinX now has a total of $890 million available to purchase ENA.
@TLGYAcq and StablecoinX Assets are thrilled to announce that we have raised an additional $530 million in PIPE financing. This PIPE brings our total amount raised to $890 million following our previously announced a definitive agreement for a business combination. pic.twitter.com/DENtKTlUoh
— StablecoinX (@stablecoin_x) September 5, 2025
Why is this news important?
- Expanded ENA Treasury: StablecoinX's raising of additional funds from investment funds, nearly doubling the value of its first round, will help the company increase its ENA purchasing strategy.
- Showing the trust of funds: The new Capital round has the participation of many prominent names, most notably YZi Labs of Binance founder Changpeng Zhao , showing that more and more organizations are placing their trust in StablecoinX's strategy. Just yesterday, the company Mega Matrix announced its intention to create a crypto treasury fund worth up to $2 billion, prioritizing ENA.
- A "well-thought-out" price maintenance plan for ENA: Ethena Labs, the organization that develops Ethena, revealed more notable information about StablecoinX's strategy as follows.
- StablecoinX has acquired 7.3% of ENA's circulating supply over the past 6 weeks, using $360 million in seed Capital .
- With the newly raised $530 million, the company expects to increase its ENA holdings to 13% of circulating supply, purchasing directly from the Ethena Foundation.
- The Ethena Foundation will then use the cash received from StablecoinX to buy $5 million worth of Token per day if the price of ENA > $0.70 , and $10 million per day if the price of ENA < $0.70 or drops more than 5% in the last 24 hours.
- The Ethena Foundation has the right to veto StablecoinX's ENA sale , similar to the original agreement.
The parties asserted that StablecoinX’s ENA accumulation strategy is a long-term plan, taking advantage of the upcoming growth trend of stablecoins, as well as combining the ENA value with the company’s stock price for investors.
Insider's Statement
Guy Young, founder of Ethena Labs and advisor to StablecoinX, said:
"Since announcing our first Capital round, Ethena's USDe stablecoin supply has doubled to $12 billion, and we've partnered with Anchorage Digital Bank to launch USDtb in the United States, the first stablecoin product fully compliant with the newly approved GENIUS Act. StablecoinX's long-term investment strategy, combined with other resources, will help strengthen the Ethena ecosystem and realize the project's mission."
Rob Hadick, manager of Dragonfly Fund (one of the funds that invested in StablecoinX since July) and recently appointed Chairman of StablecoinX's Advisory Board, commented:
"The demand to invest in the upcoming stablecoin growth trend is there, and StablecoinX will provide such an access point for mainstream financial investors. Ethena is currently the 3rd largest stablecoin issuer in the market after Tether and Circle, placing the project at the forefront of the ever-rising stablecoin wave."
Evidence
The planned deployment schedule for $ENA purchases will be as follows:
— Ethena Labs (@ethena_labs) September 5, 2025
$5m per day if $ENA >$0.70
$10m per day if $ENA <$0.70, or $ENA is down >5% in a 24h period
ENA Token price is growing nearly 13% compared to 1 day ago thanks to the news that StablecoinX raised more than half a billion USD to continue pumping money into Ethena Foundation to extend its Token buyback strategy in the market.
ENA price movement in the last 24 hours, screenshot from CoinGecko at 09:00 AM on 06/09/2025
The stock price of TLGYF, the company that is supporting StablecoinX in its Capital, was little changed following the news, even falling slightly after peaking in August.
StablecoinX's TLGYF stock price movement over the past month, Google Finance screenshot at 09:00 AM on 06/09/2025
StablecoinX's USDE shares are expected to be listed on the Nasdaq stock exchange in Q4/2025.
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