Ethena Secures $360M SPAC Deal with $260M Buyback, 8% Supply Target; ENA Surges 50% on Whale Accumulation and Governance Reinforcement

Ethena Labs has secured a $360 million special purpose acquisition company (SPAC) merger deal with TLGY Acquisition Corp., paving the way for its public listing as StablecoinX Inc. under the ticker symbol USDE. The transaction, set to finalize by late 2025, includes a $360 million private investment in public equity (PIPE) composed of $260 million in cash and $100 million in discounted ENA tokens. The Ethena Foundation will deploy the $260 million cash portion for a six-week buyback of ENA tokens at a daily rate of $5 million, targeting 8% of the circulating supply. This move aims to stabilize token economics and reinforce value alignment with investors.

The buyback strategy is designed to reduce supply pressure while supporting ENA’s market performance. The Ethena Foundation retains governance control, including veto power over future token sales, and has established a joint investment committee to oversee treasury management. Arthur Hayes, a notable crypto investor, recently purchased 4.2 million ENA tokens for $1.5 million, aligning with the project’s trajectory and highlighting confidence in its strategic direction. His acquisition coincides with a 50% weekly surge in ENA’s price, which now exceeds $0.50, driven by whale accumulation and rising DeFi yields.

StablecoinX will focus exclusively on Ethena’s synthetic stablecoin, USDe, which has surpassed $6 billion in supply. The listing offers traditional investors a transparent gateway to DeFi, as Ethena ranks among the top three on-chain stablecoin issuers. The SPAC structure addresses investor concerns over token dilution and operational risks by embedding buybacks into the public-market framework. Analysts note that the 10%+ DeFi yields offered by Ethena, combined with the buyback program, could enhance its competitiveness in a fragmented market.

The deal underscores a broader trend of DeFi protocols adopting public-market structures to scale influence and liquidity. By prioritizing treasury transparency and controlled supply dynamics, Ethena aims to mitigate volatility and foster trust—a critical factor as decentralized finance seeks institutional adoption. The success of this transition will depend on the execution of the buyback, regulatory clarity for stablecoins, and sustained demand for USDe. With its strategic capital deployment and governance model, Ethena positions itself to capitalize on evolving market demands while navigating challenges in scaling decentralized infrastructure.