Institutional Capital Floods Ethena’s Treasury-Driven Future

StablecoinX, a digital asset firm, has secured a total of $890 million in financing through a private investment in public equity (PIPE) deal, bringing its total capital commitments to support its acquisition of ENA, the native token of the Ethena protocol. The financing, which includes an additional $530 million, follows an initial $360 million PIPE announced in July. The funds will be used to establish a multi-year treasury strategy focused on accumulating ENA tokens, with the combined company expected to hold over 3 billion ENA tokens at the transaction's close [1].

The deal was priced at $10 per share, with proceeds allocated in part to the purchase of discounted locked ENA tokens from a foundation subsidiary as part of a collaboration agreement between TLGY and the Ethena Foundation [2]. The funding round attracted participation from new institutional investors such as YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, along with returning backers like Dragonfly, ParaFi Capital, and Haun Ventures [1]. The investment underscores growing institutional interest in stablecoin-related assets and the Ethena ecosystem.

The combined entity, to be named StablecoinX Inc., will serve as the first dedicated treasury company for the Ethena ecosystem, which issues the USDe and USDtb stablecoins. These stablecoins are underpinned by a delta-neutral hedging model rather than traditional reserves, and are designed to capture yield from crypto markets to maintain their peg [1]. The Ethena Foundation, based in Switzerland, oversees governance and development of the protocol. As of September 2025, USDe has reached a total supply of $12.6 billion, making Ethena the third-largest stablecoin issuer, behind Tether and Circle.

The recent funding announcement also marks a continuation of Ethena's broader buyback and treasury initiatives. The Ethena Foundation has already launched a $260 million token buyback program, which was expanded to $570 million with the recent announcement [2]. The additional capital is expected to deepen ENA liquidity, support the growth of USDe and USDtb, and enhance the resilience of the Ethena ecosystem. According to Marc Piano, Director at the Ethena Foundation, the additional financing "strengthens ecosystem resilience and supports the sustainable growth of future Ethena products" [2].

The move aligns with broader trends in the digital asset market, where treasury-focused investment strategies have gained traction. Similar to Mega Matrix (NYSE: MPU), which recently filed a $2 billion shelf registration to fund a digital asset treasury in ENA, StablecoinX's strategy reflects a growing trend of publicly listed firms pivoting toward crypto assets [3]. However, the sector has also faced volatility, with some names trading below the net asset value of their holdings amid increased scrutiny from exchanges like Nasdaq [3].

The transactions are expected to close in Q4 2025, pending shareholder approval and regulatory clearance. Once finalized, the combined company's Class A common shares are anticipated to be listed on Nasdaq under the ticker "USDE" [2]. The deal includes a strategic advisory board chaired by Rob Hadick of Dragonfly, which aims to provide non-governing strategic counsel as StablecoinX scales its validator and infrastructure services to support the Ethena protocol [2].

The broader Ethena ecosystem has shown strong growth metrics. As of August 2025, the project had generated over $500 million in cumulative revenue, with weekly protocol earnings exceeding $13 million [1]. Binance Research attributes this success to increased demand for USDe and the yield capture model used to maintain its peg. Additionally, the Ethena Foundation has partnered with Anchorage Digital Bank to onshore USDtb, which is expected to be the first stablecoin with a clear compliance pathway under the U.S. GENIUS Act [1].

The growing adoption of USDe and the regulatory clarity provided by the GENIUS Act, signed into law by President Donald Trump on July 18, 2025, has further bolstered investor confidence in the Ethena ecosystem [1]. As the stablecoin market continues to expand, StablecoinX's treasury-focused approach could position it as a key player in the digital dollar landscape. The firm's ability to align public market exposure with the growth of stablecoins will be closely monitored by investors and market observers in the coming months [2].

Source:

[1] StablecoinX expands financing to $890M for Ethena's ENA treasury (https://cointelegraph.com/news/tlgy-and-stablecoinx-secure-530m-pipe-as-ethena-s-usde-becomes-fastest-stablecoin-to-10b-supply)

[2] TLGY Acquisition Corp. and StablecoinX Assets Inc. Announce Additional $530 Million in PIPE Financing and Creation of New Strategic Advisory Board (https://www.businesswire.com/news/home/20250905713395/en/TLGY-Acquisition-Corp.-and-StablecoinX-Assets-Inc.-Announce-Additional-%24530-Million-in-PIPE-Financing-and-Creation-of-New-Strategic-Advisory-Board)

[3] Mega Matrix Files $2B Shelf to Fund Crypto Treasury Bet on Ethena's ENA (https://finance.yahoo.com/news/mega-matrix-files-2b-shelf-185450221.html)