The Ethena ENA token surged over 12% in market value following an announcement of StablecoinX raising $530 million to bolster their infrastructure.
StablecoinX , formed through the merger of TLGY Acquisition Corp. and StablecoinX Assets Inc., aims to control over 3 billion ENA, significantly impacting their treasury.
The immediate market reaction saw ENA prices increase noticeably, reflecting investor confidence. Institutional investors such as Brevan Howard and Susquehanna Crypto were pivotal in this financing.
The capital raise aims at acquiring ENA and strengthening support for stablecoins USDe and USDtb. Class A shares were priced at $10, offering equity exposure to institutional investors.
Previously, StablecoinX had undertaken similar PIPE financing, raising a total of $895 million. The ENA buyback in July adds context to this strategy.
Potential outcomes could include regulatory inquiries or technological developments, especially as the USDe stablecoin supply surged to $12.6 billion. Historical data suggests large treasury management impacts market behaviour.
Marc Piano, Director, Ethena Foundation, “This additional capital strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.”
