Ethena token rallies over 12% following StablecoinX’s $530 million capital raise
Ethena’s ENA token leaped over 12% on Saturday following information that StablecoinX Inc. secured a further $530 million capital raise. The transfer is a part of StablecoinX’s ongoing accumulation technique for ENA, considerably rising its token holdings within the Ethena ecosystem.
StablecoinX expands ENA holdings
StablecoinX has now raised a complete of $895 million in non-public funding in public fairness (PIPE) financing. This funding is anticipated to present the agency management of greater than 3 billion ENA tokens as soon as transactions shut, positioning the corporate as a serious participant in Ethena’s ecosystem. Marc Piano, Director on the Ethena Foundation, commented:
“This further capital strengthens ecosystem resilience, deepens ENA liquidity, and helps the sustainable development of USDe, USDtb, and future Ethena merchandise.”
The enhance in scale may also enable StablecoinX to broaden into extra institutional channels, entice protection from main traders and analysts, and construct a top-tier management crew.
StablecoinX acknowledged that this transfer is a part of a deliberate, long-term capital allocation technique, designed to maximise publicity to the rising demand for digital {dollars} whereas compounding ENA development for stakeholders.
Buyback program to help ENA worth
Consistent with the method taken throughout its preliminary PIPE raise, StablecoinX will use the brand new money proceeds to accumulate tokens immediately from an Ethena Foundation subsidiary. Ethena confirmed that the subsidiary will provoke a $310 million buyback over the following six to eight weeks by way of third-party market makers.
At present market ranges, this new program, together with liquidity contributions from third-party PIPE traders, represents about 13% of ENA’s circulating provide.
This buyback is along with the sooner program accomplished over the previous six weeks, which absorbed round 7.3% of the provision. Importantly, the Ethena Foundation retains veto energy over any future ENA gross sales by StablecoinX.
Defiance Capital CEO Arthur Cheong commented:
“This is essentially the most token holder-aligned DAT financing construction amongst all of the DAT raises we’ve seen.”
Strengthening alignment between StablecoinX and Ethena
The relationship between StablecoinX and the Ethena Foundation emphasizes strategic alignment and long-term worth creation. Future capital raises aimed toward buying extra locked ENA will channel proceeds immediately into buying spot ENA, additional reinforcing market demand.
The buybacks and treasury commitments create ongoing, programmatic help for ENA’s token worth whereas additionally instilling confidence in traders. By securing practically $900 million in financing tied on to ENA and implementing structured buybacks, StablecoinX is strengthening each the liquidity profile and institutional credibility of the token.
Best instance of DeFi legos as we speak
The market responded swiftly, with ENA climbing over 12% after the announcement as merchants interpreted the large-scale buyback and capital raise as an indication of sturdy institutional backing.
Ethena has established a big presence within the DeFi sector by providing high-yield alternatives and attracting speedy capital inflows in 2025. Its artificial stablecoin, USDe, crossed $12 billion in provide this 12 months, marking it as one of many fastest-growing property available in the market and the third-largest stablecoin by market capitalization.
The platform’s distinctive method permits customers to stake their USDe to obtain sUSDe, with present staking rewards yielding about 8–9% APY for sUSDe and as much as 29% APY for core staking incentives, making it a preferred alternative amongst yield-seeking traders.
The ecosystem has additionally benefited from substantial institutional adoption, multi-chain integrations, and strategic partnerships, similar to with Aave and Pendle, which additional improve liquidity and capital effectivity for customers.
As of August 2025, Ethena reported greater than $500 million in cumulative protocol income, and weekly income peaked at $13.4 million, highlighting its efficiency and standing as a frontrunner amongst yield-generating DeFi protocols. As BlockWorks cofounder Jason Yanowitz stated:
“The success of Ethena (issuer) + Pendle (yield market) + Aave (cash market) feels underneath mentioned. By far the perfect instance of defi legos that exists as we speak”
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