ENA Treasury raises another $530 million and will invest $310 million in public purchases of ENA

Ethena Labs announced in a post on X that StablecoinX, the ENA treasury, has raised an additional $530 million as part of its ENA accumulation strategy. StablecoinX has now raised approximately $895 million through PIPE financing and expects to hold over 3 billion ENA on its balance sheet upon completion. A subsidiary of the Ethena Foundation will use the proceeds from this PIPE to initiate a buyback program of approximately $310 million in ENA, expected to be executed by third-party market makers over the next six to eight weeks. The buyback represents approximately 13% of the circulating supply. This follows the completion of the first round of PIPE financing, which cumulatively purchased approximately 7.3% of the circulating supply. The newly added repurchase deployment plan is: when the ENA price is higher than US$0.70, US$5 million will be repurchased daily; when the price is lower than US$0.70 or falls by more than 5% within 24 hours, US$10 million will be repurchased daily.