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.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-altcoin-in-the-spotlight-announces-530-million-deal-and-an-additional-310-million-purchase/
