Ethena is making a bold move to strengthen its token ecosystem, announcing a $260 million buyback of ENA through a newly formed crypto treasury firm, StablecoinX.
The initiative is part of a broader $360 million capital raise aimed at consolidating ENA as a long-term strategic asset.
Of the total funds, $260 million will be deployed over six weeks via daily purchases of roughly $5 million from the open market—equivalent to about 8% of ENA’s circulating supply.
An additional $60 million in locked ENA will be allocated to StablecoinX, while $40 million is earmarked for operational expenses.
Ethena emphasized that StablecoinX will serve as a reserve-focused entity, with no plans to sell ENA. The foundation also retains veto rights over any potential future disposals. Should reserves grow further, additional spot market buys are planned.
The announcement triggered an immediate spike in ENA’s price, reflecting market confidence in the project’s long-term vision.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/ethena-launches-260m-ena-buyback-through-new-treasury-arm/
