thecoinrepublic.com
Key Insights:
- Arthur Hayes buys an additional 1.34 million Ethena ($ENA) tokens.
- Arthur Hayes predicted $ENA to hit $1.5 per token.
- StablecoinX raised $530 million via a PIPE financing round for its $ENA accumulation strategy.
BitMEX co-founder and Maelstrom Fund CIO Arthur Hayes has continued to buy more Ethena ($ETH) tokens. Hayes has even predicted a bullish price for Ethena, citing positive technicals.
Alongside this move, StablecoinX has announced an additional $530 million capital raise as part of its $ENA accumulation strategy. As a result, $ENA price has rallied around 10% today, indicating strong market confidence.
Arthur Hayes’ Latest Ethena Purchase
As disclosed by Lookonchain, Hayes spent 1.02 million USDC to buy 1.34 million $ENA tokens in the past 8 hours. This purchase pushed his total holdings to 4.45 million $ENA tokens, valued at approximately $3.48 million.
$ENA is the governance token for the Ethena protocol, which focuses on a synthetic dollar ecosystem. Hayes’ significant investment in $ENA suggests confidence in the project’s potential.
The latest purchase comes after Hayes purchased 3.1 million $ENA tokens, valued at approximately $2.48 million.
According to Lookonchain, Hayes acquired the $ENA tokens in five days, alongside Ethereum and other ecosystem tokens, including $LDO, $PENDLE, $HYPE, and ETHFI.
Hayes bought 1,750 $ETH for $7.43 million, 58,631 $HYPE, 1.29 million $LDO, and 184,610 $PENDLE. These purchases reflect a diversified strategy, focusing on Ethereum and DeFi-related tokens.
Hayes began accumulating $ENA back in 2024. In November 2024, the BitMEX co-founder withdrew 10.36 million $ENA tokens, worth approximately $7.49 million, from Binance. This transaction was good at timing as he locked down an unrealized profit of $1.14 million.
Can $ENA Price Hit $1.5?
In a recent X post, Hayes has predicted that Ethena could hit the $1.5 milestone, citing technically bullish structures.
According to the BitMEX co-founder, a green doji candlestick has halted a bearish trend on the $ENA price chart, signaling potential bullish momentum.
His recent purchases align with this, as he is buying during a dip, betting on an uptrend in $ENA. It is also consistent with his earlier actions, such as repurchasing $ETH after selling it.
Understandably, the $ENA price is currently demonstrating a strong performance. The price of the token has increased by 9.94% over the previous day, driving its market capitalization to $5.77 billion.
The price increase comes on top of a massive upswing in trading volume. This metric has increased by 135.27% over the same period.
This spike in volume shows this is a market gaining interest from both retail and institutional investors. Generally, it indicates robust sentiment and a path higher.
If this momentum continues, $ENA could easily hit the $1.5 target predicted by Arthur Hayes.
StablecoinX Raises $530M to Buy Ethena
In a parallel development, Ethena Labs announced that StablecoinX Inc. has raised an additional $530 million through a private investment in public equity (PIPE) financing round.
This brings their total PIPE financing to $895 million. The funds are intended to acquire over 3 billion $ENA tokens, positioning StablecoinX as a major holder in the Ethena ecosystem.
The Ethena Foundation, through a subsidiary, will initiate a $310 million $ENA buyback program over the next 6 to 8 weeks, executed via third-party market makers.
The buyback schedule is dynamic, tied to $ENA’s price action. According to Ethena Labs, it will inject $5 million per day if $ENA trades above $0.70. Additionally, $10 million per day if $ENA trades below $0.70 or drops more than 5% in 24 hours.
This program, combined with liquid $ENA contributed by PIPE investors, will acquire roughly 13% of $ENA’s circulating supply. This is in addition to the 7.3% acquired in the initial PIPE financing.
Note that the Ethena Foundation retains veto rights over any $ENA sales by StablecoinX. This strategy ensures alignment between the Foundation and StablecoinX shareholders.