en.bitcoinsistemi.com
Ethena ($ENA) announced a new $530 million 'StablecoinX' deal. The foundation also launched a $310 million market buyback program.
StablecoinX announced that it has secured an additional $530 million in PIPE funding, bringing the company's total funding raised to date to approximately $895 million. According to Ethena Labs, if StablecoinX continues to purchase locked $ENA from the Ethena Foundation or its affiliates, the proceeds will be used for spot $ENA repurchases.
Ethena's buyback plan calls for $5 million in daily purchases if the $ENA price remains above $0.70, and $10 million in daily purchases if it falls below $0.70 or loses more than 5% in 24 hours.
As part of the new financing round, StablecoinX is expected to have over 3 billion $ENA tokens on its balance sheet after closing. This growth in scale will open up additional institutional investor channels and create space for broader investor interest, third-party coverage, and executive transfers.
A subsidiary of the Ethena Foundation will launch a repurchase program of approximately $310 million over the next 6-8 weeks. This program will be in addition to the repurchase process conducted through the initial PIPE financing. At current prices, the planned purchases through the second PIPE, along with the liquid $ENA contributed by third-party investors, represent approximately 13% of the circulating supply.
*This is not investment advice.