StablecoinX launches Ethena treasury strategy with $360m ENA buy

StablecoinX, a newly formed company, is poised to become the first publicly traded firm to acquire Ethena and establish a treasury strategy.

StablecoinX is a new business venture formed after the merger of special-purpose acquisition company TLGY Acquisition and StablecoinX Assets Inc. The merger will see StablecoinX listed on Nasdaq Global Market with the ticker symbol USDE.

According to a press release on July 21, StablecoinX has secured $360 million in a capital raise that includes $60 million in Ethena (ENA) from the Ethena Foundation. 

TLGY and SC Assets also attracted capital commitments from top cryptocurrency venture capital firms, with those contributing to the $360 million private investment in public equity, including Pantera Capital, Dragonfly, Ribbit Capital, Blockchain.com, Haun Ventures, and Galaxy Digital.

In terms of operations, the new entity StablecoinX will be a pure-play treasury company targeting the stablecoin sector and is the first public firm to tap into the treasury strategy trend with ENA.

$5 million daily ENA purchase

Ethena, a synthetic dollar protocol on the Ethereum network behind the USDe and USDtb stablecoins. The crypto-native solution has gained significant traction with ENA price recently rebounding to above $1.25.

While Ethena ranks as one of the top issuers of U.S. dollar-backed tokens, alongside Tether and Circle, its ENA token isn’t easily available to users in the traditional capital markets. 

According to Young Cho, chief executive officer of TLGY and SC Assets, the move to create StablecoinX and buy ENA “gives public market investors transparent, well‑governed access to the Ethena ecosystem.”

Cho added:

“Deploying capital to accumulate ENA at scale is a deliberate, multi‑year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”

According to Ethena Labs, the new company will buy $5 million worth of Ethena tokens daily over the next six weeks. 

The purchases will be made via third-party market makers, with 100% of the $260 million available in cash, allowing StablecoinX to buy approximately 8% of the ENA circulating supply. Further capital injection directed towards buying the altcoin will be allocated to spot deals.