Ethena creates StablecoinX, a company listed on Nasdaq via a SPAC, with the mission of accumulating $360 million worth of ENA tokens and strengthening the ecosystem through staking and ENA infrastructure.
Une opération financière hors norme pour booster le token ENA
Ethena didn’t open its checkbook just for show. With the launch of StablecoinX, its new entity dedicated to crypto treasury, the foundation makes a big move. The goal? Massively accumulate ENA tokens, amounting to $360 million, through a Nasdaq-listed structure. This is a multi-year strategic plan funded by a mix of equity and private investments (PIPE).
Among the investors? Dragonfly, Ribbit Capital, Pantera, Haun Ventures, Polychain, Galaxy, Wintermute… All heavyweight crypto venture capitalists who validate the project and bet on the long-term potential of ENA.
Une introduction en bourse déguisée et un ticker symbolique
StablecoinX Inc. announced a merger with TLGY Acquisition Corp., a SPAC (Special Purpose Acquisition Company), allowing the structure to go public without a traditional IPO. Its Nasdaq ticker? USDE. A nod to Ethena’s flagship stablecoin, which uses hedging positions to maintain its peg to the dollar.
But StablecoinX is not just passively accumulating. The company will also leverage the ENA infrastructure, offer staking services, and clearly declare its ambition: maximize the number of ENA per share, Saylor-style.
Un pari sur la montée en puissance des stablecoins
In the world of decentralized stablecoins, Ethena has positioned itself as a key player. The third-largest issuer of digital dollars behind Tether (USDT) and Circle (USDC), the protocol captures a growing demand for decentralized and transparent alternatives, especially by offering yields.
Its flagship product, USDe, is seen by some investors as a kind of crypto bond. In June, Ethena even partnered with Securitize to enable direct transfers with BUIDL, the tokenized fund from BlackRock.
StablecoinX aligns with this momentum: increase ENA’s market capitalization, support the protocol’s growth, and strengthen its financial autonomy. An offensive move, particularly focused on its token.
ENA en hausse, mais encore loin de ses sommets
Following the recent announcement, the ENA token surges by 6% to reach $0.52. A modest figure compared to its ATH of $1.52 in December 2024. But the current strategy could reignite the engine, especially since Ethena’s token has already gained over 110% in the last 3 weeks.
Ethena doesn’t hide its ambition: establish itself firmly as the decentralized pillar of the stablecoin market. And this nine-figure bet on its own token could make all the difference.
