StablecoinX will invest $260 million to launch the ENA treasury strategy, planning to list under the code "USDE" on NASDAQ.

On July 21, according to official news, the stablecoin issuer StablecoinX announced the completion of a $360 million financing for the acquisition of ENA Token and plans to list Class A common shares on the Nasdaq Global Market under the stock code "USDE". Among them, the Ethena Foundation will contribute ENA tokens worth $60 million. To initiate the acquisition plan, StablecoinX will use the net cash of $260 million obtained from the financing (after deducting related expenses) to purchase locked ENA tokens from a subsidiary of the Ethena Foundation. Starting today, the subsidiary of the Ethena Foundation (through a third-party market maker) will use all $260 million in cash obtained from token sales over the next few weeks to strategically acquire ENA tokens on the public trading platform, which will align the interests of the Foundation more closely with those of StableCoinX shareholders. It is planned that approximately $5 million will be invested daily for acquisitions over the next six weeks. At current prices, $260 million accounts for about 8% of the circulating market capitalization of ENA. Notably, the Ethena Foundation has exclusive decision-making authority to veto any sale of ENA tokens by StableCoinX. Ideally, these tokens will only be used for increasing holdings and not for sale. If StableCoinX subsequently raises funds to purchase more locked ENA from the Ethena Foundation or its affiliates, the cash proceeds from these token sales will be used for spot purchases of ENA.