Ethena Labs said in an X post that ENA treasury company StablecoinX announced a refinancing of $530 million as part of its ENA accumulation strategy. So far, StablecoinX has raised about $895 million cumulatively through PIPE financing. It is expected that after the transaction is completed, its balance sheet will hold more than 3 billion ENAs.
Ethena Foundation subsidiaries will use the funds raised from this PIPE to launch an ENA repurchase program of approximately $310 million, which is expected to be executed by third-party market makers in the next 6 to 8 weeks. The repurchase scale accounts for approximately 13% of the circulating supply. The previous first round of PIPE financing has been completed, and the cumulative purchase of approximately 7.3% of the circulating supply of ENA.
The new repurchase deployment plan is: when the ENA price is higher than $0.70, the daily repurchase is $5 million; when the price is lower than $0.70 or the decline exceeds 5% within 24 hours, the daily repurchase is $10 million.
ENA Treasury refinances $530 million to invest 310 million public purchase of ENA
2025-09-05 20:59:53
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