StablecoinX Plans $360M ENA Acquisition for Treasury
- Lyla Velez
- July 22, 2025
- Business
- 0 Comments
Key Points:
- The Ethena Foundation retains majority voting power post-merger.
- The acquisition impacts ENA’s market liquidity.
- StablecoinX shares will be publicly traded on Nasdaq.
StablecoinX is set to raise $360 million to acquire ENA tokens, marking a significant strategy shift in its treasury operations within the Ethena ecosystem.
StablecoinX’s acquisition marks a critical development, introducing a corporate treasury model within a DeFi protocol. The move is anticipated to bolster stability and propel adoption within the Ethena ecosystem’s broader market strategy.
StablecoinX, a treasury-focused firm in the Ethena ecosystem, announced plans to raise $360 million for an ENA token acquisition. This initiative follows the merger between TLGY Acquisition Corp. and SC Assets. The planned SPAC merger will see StablecoinX’s Class A shares listed on Nasdaq under the ticker “USDE.” The Ethena Foundation will exercise majority control following the merger. StablecoinX intends a $260 million ENA buyback, with an additional daily purchase of $5 million in ENA for six weeks. Institutional investors, including Ribbit Capital, Pantera, and Galaxy Digital, support this initiative.
Market observers note that this acquisition plan is expected to expand ecosystem liquidity and stabilize the market price for ENA. Analysts emphasize the “permanent capital treasury” approach, crucial in holding ENA tokens on StablecoinX’s balance sheet, reinforcing their long-term strategy. Financial analysts relate the move to MicroStrategy’s Bitcoin treasury model, demonstrating DeFi adoption in public companies. The lack of regulatory updates remains notable, though industry experts speculate on potential shifts in corporate asset management. This move could validate governance tokens in mainstream business environments. Further expert comments and regulatory evaluations are awaited as the transaction nears its conclusion in late 2025.
This marks a significant DeFi adoption milestone: a public company dedicated to holding and accumulating a DeFi governance token (ENA) at scale.
For comprehensive regulatory analysis and insights about this acquisition, consider exploring Intelligize, a powerful compliance and regulatory research tool.
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