Major investment firms establish a $360 million crypto treasury entity, oriented towards Ethana (ENA), a digital currency backed by Arthur Hayes.

Major investment firms establish a $360 million crypto treasury entity, oriented towards Ethana (ENA), a digital currency backed by Arthur Hayes.

In the world of cryptocurrency, Ethena (ENA) is making waves with two significant developments. The company has announced the formation of a new crypto treasury firm, StablecoinX, and a substantial $360 million buyback program for ENA tokens.

StablecoinX, backed by venture capital firms such as Pantera Capital, Galaxy Digital, and Wintermute, among others, aims to capitalise on the growing stablecoin market. The new entity plans to go public on the Nasdaq Global Market with the ticker symbol “USDE” through a business combination with special purpose acquisition company (SPAC) TLGY Acquisition. This move is designed to provide transparent and well-governed access for public investors to Ethena's ecosystem, which was previously difficult to enter through traditional capital markets[1][2][3].

As part of reinforcing the ENA ecosystem and increasing treasury reserves, StablecoinX is executing a $360 million buyback of ENA tokens from the open market over about six weeks, targeting around $5 million in daily purchases. This buyback represents roughly 8% of ENA's current circulating supply and is one of the largest buyback initiatives in decentralized finance to date[1][2][3]. The Ethena Foundation has contributed $60 million worth of ENA to this effort.

The market has responded positively to these announcements. ENA's price has rallied significantly, with an over 100% increase in July 2025, driven by the market enthusiasm for large-scale token accumulation, the growth of Ethena’s synthetic dollar USDe (which surpassed $6.12 billion in supply), and the project's expansion into tokenizing real-world assets through the launch of the Converge blockchain in partnership with Securitize. ENA’s listing on major exchanges like Upbit also boosted its trading volume and accessibility[3][4].

With these moves, Ethena is positioning itself as a major player in the stablecoin ecosystem, supported by a VC-backed treasury company, StablecoinX, that will provide public market exposure and execute a large buyback to fortify the token’s value and utility[1][2][3][4].

[1] CoinDesk. (2022). Ethena Forms StablecoinX to Accumulate ENA Tokens. [online] Available at: https://www.coindesk.com/business/2022/07/01/ethena-forms-stablecoinx-to-accumulate-ena-tokens/

[2] Cointelegraph. (2022). Ethena Announces $360 Million ENA Buyback Program. [online] Available at: https://cointelegraph.com/news/ethena-announces-360-million-ena-buyback-program

[3] The Block. (2022). Ethena's Price Surges After StablecoinX Announcement. [online] Available at: https://www.theblockcrypto.com/post/112944/ethena-s-price-surges-after-stablecoinx-announcement

[4] Yahoo Finance. (2022). Ethena Listed on Major Exchanges, Boosts Trading Volume. [online] Available at: https://finance.yahoo.com/news/ethena-listed-major-exchanges-boosts-trading-161900819.html

• The newly formed crypto treasury firm, StablecoinX, funded by organizations such as Pantera Capital, Galaxy Digital, and Wintermute, is aiming to tap into the burgeoning stablecoin market by going public on the Nasdaq Global Market.
• Ethena's $360 million buyback program for ENA tokens, executed by StablecoinX, is one of the largest buyback initiatives in decentralized finance to date, aiming to fortify the token’s value and utility.
• With the expansion into tokenizing real-world assets through the Converge blockchain and the successful listing on major exchanges, Ethena is leveraging technology to position itself as a significant player in the stablecoin ecosystem, backed by StablecoinX.

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