ArkStream Capital has invested an additional $10 million in Ethena in August 2025, up the ante's long-term plan for its first $5 million investment in December 2024. The increase stems from Ethena's simultaneous structural breakthroughs in both product and capital markets. ArkStream believes that from the short term to the long term, Ethena's investment logic is very clear:
Short-term (tactical): USDe has grown to become DeFi's largest revenue pool.
Medium-term (structural level): Ethena completes the coupling with traditional markets in terms of capital structure.
Long-term (paradigm level): The most critical turning point is the official implementation of the sENA fee switch. The three activation indicators set by the risk committee (USDe circulation, cumulative revenue, CEX coverage) have now been fully met, especially after USDe landed in Binance, the final coverage conditions are completed.
In ArkStream's view, Ethena is not just a stablecoin protocol, but a docking layer between crypto-native income and traditional capital markets. When the product sets the right'base rate 'and the capital structure provides an'institutional gate' for US stocks, ENA's value capture is scalable across cycles. Choosing to invest at this point in time is a decisive step in supporting Ethena's move from PMF to CMF.
ArkStream Capital: Additional $10 million investment in Ethena stems from its structural breakthrough in both product and capital markets
2025-09-09 12:28:58
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