Ethena token rallies over 12% following StablecoinX’s $530 million capital raise

Ethena token rallies over 12% following StablecoinX’s $530 million capital raise The Ethena (ENA) token surged over 12% after StablecoinX announced a $530 million capital raise and expanded its holdings. Ethena’s ENA token leaped over 12% on Saturday following news that StablecoinX Inc. secured an additional $530 million capital raise. The move is part of StablecoinX’s ongoing accumulation strategy for ENA, significantly increasing its token holdings in the Ethena ecosystem. StablecoinX expands ENA holdings StablecoinX has now raised a total of $895 million in private investment in public equity (PIPE) financing. This funding is expected to give the firm control of more than 3 billion ENA tokens once transactions close, positioning the company as a major player in Ethena’s ecosystem. Marc Piano, Director at the Ethena Foundation, commented: “This additional capital strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.” The increase in scale will also allow StablecoinX to expand into more institutional channels, attract coverage from leading investors and analysts, and build a top-tier leadership team. StablecoinX stated that this move is part of a deliberate, long-term capital allocation strategy, designed to maximize exposure to the rising demand for digital dollars while compounding ENA growth for stakeholders. Buyback program to support ENA price Consistent with the approach taken during its initial PIPE raise, StablecoinX will use the new cash proceeds to acquire tokens directly from an Ethena Foundation subsidiary. Ethena confirmed that the subsidiary will initiate a $310 million buyback over the next six to eight weeks through third-party market makers. At current market levels, this new program, along with liquidity contributions from third-party PIPE investors, represents about 13% of ENA’s circulating supply. This buyback is in addition to the earlier program completed over the past six weeks, which absorbed around 7.3% of the supply. Importantly, the Ethena Foundation retains veto power over any future ENA sales by StablecoinX.