Ethereum News Today: Arthur Hayes buys 4.2M Ethena tokens as ENA surges 50% amid $360M SPAC listing

Arthur Hayes, co-founder of now-defunct cryptocurrency exchange BitMEX, has acquired 4.2 million Ethena (ENA) tokens valued at approximately $1.5 million since mid-July 2025, following a period of market volatility and strategic developments tied to the token’s ecosystem. The purchases, executed through exchanges including Binance and Galaxy Digital, occurred amid an anticipated $360 million SPAC listing for Ethena, a decentralized finance (DeFi) project linked to Ethereum-based protocols. While Hayes has not disclosed specific transaction details, his public statements emphasize long-term confidence in the asset’s trajectory, stating, “My investment in ENA is a high-conviction play for the long term.”

The market responded to the activity with a notable price increase for ENA, climbing from roughly $0.22 to $0.33 in the wake of Hayes’ acquisitions. Analysts note that the move aligns with broader trends in DeFi governance tokens, where high-profile investments often catalyze speculative trading and liquidity growth. Hayes’ actions have amplified discussions around Ethereum’s evolving infrastructure, particularly as Ethena’s SPAC filing signals a potential bridge between traditional capital markets and crypto-native projects. The token’s price movement reflects heightened investor interest, with trading volumes surging as market participants anticipate further developments in the project’s roadmap [1].

Hayes’ investment underscores a strategic bet on Ethereum’s ecosystem resilience amid regulatory scrutiny and market cycles. While the SPAC process remains pending, the transaction volume and price action suggest that institutional and retail investors are increasingly viewing DeFi governance tokens as viable assets for portfolio diversification. However, the market’s sensitivity to regulatory outcomes—particularly for SPACs in the crypto sector—means that Ethena’s listing could face delays or adjustments based on compliance requirements.

The acquisition also highlights the role of influential figures in shaping crypto markets. Hayes, known for his bearish forecasts during previous cycles, has positioned himself as a proponent of Ethena’s utility-driven approach, which includes buyback programs and governance model innovations. His endorsement may further legitimize the project’s ambitions, though critics caution that price momentum driven by celebrity investors can be volatile. For now, the market appears to be reacting positively, with Ethena’s token price and trading activity serving as barometers for broader sentiment toward Ethereum-based DeFi innovations [1].

Source: [1] [Arthur Hayes Buys 4.2M Ethena Tokens Post-Price Dip] [https://coinmarketcap.com/community/articles/6883233832b65702e7fcfe48/]