Ethena announces follow-on $530M "StablecoinX" PIPE deal, foundation initiates new $310M open market buyback program

Ethena announces follow-on $530M "StablecoinX" PIPE deal, foundation initiates new $310M open market buyback program

New York, September 2, 2025 — Ethena has announced a follow-on $530 million private investment in public equity (PIPE) deal, bringing the total committed PIPE financing to $890 million. The new funding, named StablecoinX, is expected to facilitate the company’s multi-year treasury strategy focused on accumulating ENA tokens, the native token of the Ethena protocol [1].

The latest PIPE financing round includes participation from investors such as YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, along with initial investors like Dragonfly, ParaFi Capital, and others [1]. The funds will be used to expand StablecoinX’s future ENA holdings and support its long-term strategy, providing investors direct exposure to the growth of stablecoins within the Ethena ecosystem [1].

In addition to the PIPE financing, the Ethena Foundation has initiated a new $310 million token buyback program, building on the initial $260 million buyback program. The total announced buybacks now amount to $570 million [1]. The buyback program aims to foster long-term alignment and deepen ENA liquidity, contributing to the sustainable growth of USDe, USDtb, and future Ethena products [1].

The transactions are expected to close in Q4 2025, subject to shareholder approval and customary closing conditions. StablecoinX’s Class A common shares are expected to be listed on Nasdaq under the ticker symbol “USDE” at closing [1].

References:

[1] https://www.stocktitan.net/news/TLGYF/tlgy-acquisition-corp-and-stablecoin-x-assets-inc-announce-jts0rq8guzqk.html