StablecoinX Raises $360M to Acquire ENA, Plans Nasdaq Listing as “USDE”

2 mins mins

Key Insights:

StablecoinX raises $360M and plans to list under the ticker “USDE” on Nasdaq
$260M to be used for ENA token accumulation via third-party market makers
Ethena Foundation contributes $60M in ENA and retains veto rights on token sales

StablecoinX Inc. announced a $360 million capital raise alongside plans to list on the Nasdaq Global Market under the ticker “USDE.” The raise includes $260 million in cash and a $60 million ENA contribution from the Ethena Foundation. According to Ethena Labs and official statements, the cash will be used to acquire locked ENA tokens.

The company will purchase ENA from a subsidiary of the Ethena Foundation and implement a $260 million buyback via third-party market makers. The Foundation will deploy $5 million daily over the next six weeks to accumulate ENA on public markets. This initiative will align shareholder interests while supporting ENA’s market performance during the acquisition phase.

StablecoinX will act as a pure-play treasury company dedicated to the Ethena ecosystem. TLGY Acquisition Corp. (OTC: TLGYF) confirmed a business combination with StablecoinX Assets Inc. to complete the listing. The final transaction is expected to close in Q4 2025, pending Nasdaq and shareholder approvals.

Ethena Foundation Aligns With Strategic ENA Accumulation

The Ethena Foundation retains full veto power over any future sales of ENA by StablecoinX, ensuring a long-term accumulation focus. Should additional capital be raised, proceeds will also be used to purchase spot ENA. StablecoinX aims to compound ENA per share over time as part of a structured treasury strategy.

Bitwise accumulation of ENA is designed to give equity investors exposure to Ethena, the third-largest digital dollar issuer after Tether and Circle. Ethena’s on-chain dollar product has gained adoption as institutions seek access to stable and regulated stablecoins. The ENA token, however, remains difficult to access via traditional capital markets.

The partnership also includes a five-year collaboration agreement between StablecoinX and the Foundation. It governs token transactions, treasury strategy execution, and governance rights through Class B shares retained by the Foundation. With support from investors like Dragonfly, Ribbit Capital, and Blockchain.com, StablecoinX aims to be a major equity-market gateway to the Ethena ecosystem.

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