๐ฅ StablecoinX doubles down on $ENA accumulation
#StablecoinX has raised an additional $530M, bringing its total PIPE financing to ~$895M.
๐น Funds will be used to acquire over 3B $ENA from a subsidiary of the #Ethena Foundation.
๐น The Ethena subsidiary will also launch a $310M buyback program over the next 2 months via market makers.
๐น Combined, the new PIPE + buyback represent ~13% of circulating ENA supply.
This follows the initial PIPE raise that already secured ~7.3% of supply in just 6 weeks.
๐ With veto rights still in place for $ENA sales, StablecoinX is signaling a long-term treasury strategy, aiming to scale institutional access and compound ENA per share for its investors.