Arthur Hayes' ENA Buy Signal: A DeFi Visionary Bets on Ethena's Future

Arthur Hayes, co-founder of the now-defunct cryptocurrency exchange BitMEX, has recently engaged in a significant purchase of ENA, the governance token of the Ethena ecosystem. According to recent disclosures, Hayes spent $1.01 million to acquire 1.395 million ENA tokens within the past 8 hours. This move aligns with broader institutional interest in Ethena, as demonstrated by a recent $890 million funding round led by StablecoinX and TLGY Acquisition Corp. The deal, which includes a $530 million private investment in public equity (PIPE) round, brings the total capital raised to $890 million, with the combined entity now holding over 3 billion ENA tokens. This positions the new entity, rebranded as StablecoinX Inc., as the first publicly traded company dedicated to the Ethena ecosystem [1].

The Ethena ecosystem has demonstrated rapid growth in 2025, particularly through its flagship stablecoin, USDe. USDe became the fastest stablecoin to reach $10 billion in supply, achieving a total of $12.6 billion by September 2025—less than 10 months from its launch. The stablecoin now ranks as the third-largest in the global market, accounting for over 4% of the total stablecoin volume. This growth is driven by its innovative delta-neutral hedging model, which uses staked Ethereum as collateral, allowing holders to earn yields while maintaining price stability. The total value locked (TVL) in the Ethena protocol has surged to $12.85 billion, a sharp increase from $5.5 billion at the beginning of the year [2].

The financial performance of Ethena has also seen a dramatic upturn. In the third quarter of 2025, the protocol generated $109 million in fees, compared to $27 million in the same period in 2024. Ethena’s revenue for the same period reached $7.65 million, up from $1.15 million in Q2 2025. These figures underscore the increasing demand for yield-bearing stablecoins, a trend accelerated by new regulations that have restricted traditional stablecoin issuers from offering competitive returns. Ethena’s USDe has attracted over 757,000 active users across 24 blockchain platforms as of August 2025, further reinforcing its position as a key player in the decentralized finance (DeFi) space [2].

Arthur Hayes’ recent purchase of ENA tokens coincides with a broader accumulation strategy by institutional investors. StablecoinX’s $890 million investment has significantly boosted ENA’s demand, with whale addresses now holding 57 million ENA tokens—up over 32% in the last 30 days. Hayes, a prominent figure in the crypto space and a vocal proponent of DeFi innovation, has previously highlighted ENA’s long-term potential. His latest acquisition suggests a belief in the token’s future value, particularly as Ethena continues to expand its partnerships and product offerings. Notably, the Ethena Foundation has also announced a $310 million token buyback program, bringing total purchases to $570 million and signaling continued commitment from the ecosystem’s leadership [2].

Looking ahead, the Ethena ecosystem is poised for further expansion. The company’s 2025 roadmap includes key developments such as a Telegram payments app, Apple Pay integration, and new stablecoin products. Additionally, Ethena has partnered with Anchorage Digital, the only federally chartered crypto bank in the U.S., to enhance regulatory compliance and institutional trust. These strategic moves are expected to support Ethena’s goal of competing with major stablecoins like Tether’s USDT and Circle’s USDC. The regulatory landscape, particularly the newly enacted U.S. GENIUS Act, is also expected to play a significant role in shaping the future of stablecoin markets. Ethena’s USDtb product, designed to comply with the new legislation, further strengthens its position in a rapidly evolving sector [2].

Source: [1] title1 (https://www.odaily.news/en/newsflash/447169) [2] title2 (https://bravenewcoin.com/insights/stablecoinx-raises-890-million-to-build-massive-ethena-token-treasury)