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StablecoinX to Invest $260 Million to Launch ENA Treasury Strategy, Plans to List on Nasdaq with the ticker symbol "USDE"
BlockBeats News, July 21st, According to official sources, stablecoin issuer StablecoinX has announced the completion of a $360 million financing round for the acquisition of ENA tokens. The company plans to list its Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE." The Ethena Foundation will contribute $60 million worth of ENA tokens.
To initiate the acquisition plan, StablecoinX will use the $260 million net cash proceeds (after deducting related expenses) from the financing to purchase locked ENA tokens from a subsidiary of the Ethena Foundation.
Starting today, a subsidiary of the Ethena Foundation (through a third-party market maker) will strategically acquire ENA tokens on public trading platforms using the full $260 million cash obtained from the token sale over the next few weeks, aligning the Foundation's interests with StableCoinX shareholders.
According to the plan, approximately $5 million will be spent daily over the next 6 weeks on the acquisition. Based on current prices, the $260 million represents approximately 8% of ENA's circulating market value.
It is worth noting that the Ethena Foundation has sole decision-making power to veto any sale of ENA tokens by StableCoinX. Ideally, these tokens will only be used for hodling and not for sale.
If StableCoinX later raises funds to purchase more locked ENA from the Ethena Foundation or its affiliates, the proceeds from these token sales will be used for spot purchases of ENA.
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