- Ethena Foundation plans a $260 million ENA buyback using cash from the PIPE deal after the StablecoinX merger finalizes.
- StablecoinX will list under the ticker USDE, giving investors exposure to ENA via public markets for the first time.
- The ENA token saw a 50% weekly surge, with whale accumulation and rising DeFi yields pushing its current price above $0.50.
Ethena Labs has confirmed a $360 million deal to become a publicly traded entity through a merger with TLGY Acquisition Corp. The new company, named StablecoinX Inc., will focus entirely on the Ethena protocol’s native token ENA and is expected to begin trading on the Nasdaq by the fourth quarter of 2025 under the ticker symbol USDE.
The agreement includes a $360 million private investment in public equity (PIPE). Of that amount, $260 million will be allocated as cash, while the remaining $100 million will be in discounted ENA tokens. Ethena Foundation plans to use the entire $260 million in cash for an open market buyback of ENA, targeting an estimated 8% of the circulating supply.
Buyback to Occur Over Six Weeks at $5 Million Daily Rate
The ENA token buyback is expected to unfold over six weeks, with daily purchases of approximately $5 million. This move is structured to provide long-term support for ENA’s market presence. Additionally, governance terms grant the Ethena Foundation veto authority over future token sales. A joint investment committee will supervise treasury management.
Crypto investor Arthur Hayes recently acquired 4.2 million ENA tokens across platforms, including Binance, Wintermute, and Galaxy Digital. His reported $1.5 million investment aligns with Ethena’s trajectory and coincides with his public endorsement of the deal.
ENA Shows Strong Market Momentum and Demand Growth
ENA has climbed over 110% year-to-date and gained over 50% in the last week. Whale accumulation remains strong, and Ethena’s synthetic stablecoin, USDe, now exceeds $6 billion in supply. DeFi yields above 10% continue to draw investor interest.
StablecoinX will be the first public company centered solely around a synthetic stablecoin protocol. Ethena currently ranks among the top three issuers of on-chain digital dollars, following Tether and Circle. The listing is expected to offer traditional investors a transparent way to access the growing DeFi market.
