StablecoinX Raises $360 Million to Acquire ENA Tokens, Boosting Ethena's Value by 9%

StablecoinX, a stablecoin-focused treasury, has successfully completed a $360 million funding round. This significant financial injection is part of a broader strategy to acquire ENA tokens, which are integral to the Ethena stablecoin ecosystem. The funding was secured through a private investment in public equity (PIPE) mechanism, with TLGY Acquisition Corp. playing a pivotal role in the transaction. The Ethena Foundation is contributing $60 million worth of ENA tokens to support this initiative. StablecoinX plans to utilize the $260 million in net cash proceeds from the funding to acquire locked-up ENA tokens from various entities. Additionally, $40 million of the funds will be allocated for operational expenses, ensuring the smooth functioning and growth of the platform. This strategic move positions StablecoinX as a key player in the stablecoin market, leveraging the Ethena stablecoin to drive innovation and stability in the cryptocurrency space. The completion of this funding round marks a significant milestone for StablecoinX, as it prepares to list its Class A common stock and further solidify its presence in the financial landscape.

On July 22, 2025, StablecoinX announced a $360 million raise to acquire locked ENA tokens from the Ethena Foundation, planning a Nasdaq listing under "USDE." The financing highlights increasing investor confidence in StablecoinX's broader strategy, as ENA tokens demonstrate significant market interest amid the transaction. StablecoinX, formed through a SPAC merger, has secured $360 million earmarked for acquiring ENA tokens over the coming weeks, primarily from Ethena Foundation's subsidiary. The acquisition initiative, with a daily investment of $5 million, equates to approximately 8% of ENA's circulating market value. The Francisco-based company aligns with prominent investors, including Pantera Capital and others, expressing substantial interest in crypto market staking strategies.

Investment impact of this scale is expected to bolster ENA's immediate value. The token has seen a notable increase, appreciating by 9% intraday following the announcement. Additionally, underlining the foundation's influence, ENA tokens achieved a sustained rise to $0.5275, reflecting heightened market confidence. Further responses signal broader industry support; however, no significant statements from regulatory bodies or industry leaders have emerged. The Ethena Foundation's substantial influence remains evident as it retains full veto rights over ENA sales from StablecoinX, accentuating strategic control over the tokens' utilization. The Ethena Foundation, Official Statement, "The Foundation retains full veto rights over any potential ENA sales."

As of July 22, 2025, ENA (Ethena) stands at $0.51, with a roughly $3.25 billion market cap and 6.35 billion circulating supply. Over 90 days, the token climbed 49.08%, driven by strategic corporate maneuvers. CoinMarketCap data highlights $1.91 billion in recent 24-hour trading volume, up 65.22% amid growing investor interest in ENA. Future projections from the Coincu research team emphasize potentially positive outcomes; market enthusiasm suggests a longer-term valuation upswing for ENA, fueled by sustained investment and strategic asset acquisition.