Ethena (ENA) has announced a new $530 million “Stablecoinx” deal. The foundation has also launched a $310 million market buyback program.
Stablecoinx announced that it has secured an additional $530 million in pipe funding, bringing the total funding for the company it has raised so far to approximately $895 million. According to Ethena Labs, if Stablecoinx continues to purchase locked ENAs from Ethena Foundation or its affiliates, the proceeds will be used to buy back Spot ENAs.
Ethena’s buyback plan calls for $5 million daily purchases if the ENA price exceeds $0.70, and $10 million purchases will be purchased every day if they fall below $0.70 or lose more than 5% in 24 hours.
As part of the new funding round, StableCoinx is expected to have over 3 billion ENA tokens on its balance sheet after it closes. Growth of this scale opens up additional institutional channels and creates space for wider investor interest, third-party coverage, and executive transfers.
The Ethena Foundation subsidiary will launch a repurchase program of approximately $310 million over the next six to eight weeks. The program will be added to the repurchase process carried out through initial pipe finance. At current prices, along with planned purchases via the second pipe and liquid ENA contributed by third-party investors, account for around 13% of the circulation supply.
*This is not investment advice.
