ENA Surges 20% to $0.581 Following StablecoinX Funding Announcement

ENA has risen by 20% to $0.581 after StablecoinX Company announced a $360 million funding round to acquire ENA tokens. The plan is to list ENA as Class A common stock with the ticker symbol "USDE" on the Nasdaq Global Market.

StablecoinX Inc. (StablecoinX), a newly-formed validator and infrastructure business supporting the Ethena ecosystem, has announced a significant funding round totaling approximately $360 million. This funding will be used to acquire ENA tokens, the native token of the Ethena protocol, and list ENA as Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE."

The funding round includes a $260 million cash contribution from the Ethena Foundation and additional capital commitments from leading investors such as Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, Wintermute, and others. The remaining $100 million will be funded in discounted ENA tokens.

The proceeds from the funding round will be used to anchor a multi-year treasury strategy to build a reserve of ENA tokens. This initiative aims to secure a strategic stake in the Ethena protocol, which is the third-largest issuer of digital dollars on-chain, following Tether and Circle. StablecoinX believes that large-scale ENA accumulation will enable the company to capture the value driven by the secular surge in demand for digital dollars.

Following the business combination, StablecoinX will operate infrastructure and staking services, running validators and related technical services for the Ethena protocol. The company's management is committed to maximizing ENA per share by directing excess capital and ecosystem earnings into strategic ENA accumulation.

The Ethena Foundation, which serves as an independent steward of the Ethena protocol, has entered into a multi-year collaboration agreement with StablecoinX to govern the continued partnership between the two parties. This agreement includes a token purchase agreement where StablecoinX will use the cash proceeds from the PIPE to make an initial purchase of discounted locked ENA from the Ethena Foundation subsidiary.

The Ethena Foundation subsidiary plans to use the proceeds from the token sale to strategically purchase ENA across publicly traded venues, further aligning the Foundation’s incentives with those of StablecoinX shareholders. The collaboration agreement has a five-year initial term with automatic one-year renewals, aligning both parties on long-term network development and advocacy.

The business combination is expected to close in Q4 2025, subject to shareholder approval, StablecoinX’s successful listing on the Nasdaq, and other customary closing conditions. For additional information regarding the transaction, see TLGY’s related Form 8-K, which will be filed promptly and can be obtained without charge at the Securities and Exchange Commission's internet site.

References:
[1] https://www.marketscreener.com/news/tlgy-acquisition-corp-announces-business-combination-and-approximately-360-million-pipe-financing-ce7c5cdcd98af327