StablecoinX Raises $360 Million and Launches ENA Treasury Strategy, Plans to List on Nasdaq Under the Ticker "USDE"

ChainCatcher News — According to official sources, stablecoin issuer StablecoinX has announced the completion of a $360 million funding round, which will be used to acquire ENA tokens. The company also plans to list its Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE." Of the total, the Ethena Foundation will contribute ENA tokens valued at $60 million.

To launch the acquisition plan, StablecoinX will use $260 million in net cash proceeds from the financing (after deducting related expenses) to purchase locked ENA tokens from a subsidiary of the Ethena Foundation.

Starting today, the Ethena Foundation subsidiary (through a third-party market maker) will use the entire $260 million in cash proceeds from token sales over the coming weeks to strategically acquire ENA tokens on public trading platforms. This move will further align the interests of the Foundation with those of StableCoinX shareholders.

According to the plan, approximately $5 million will be invested daily in acquisitions over the next six weeks. At current prices, $260 million represents about 8% of ENA's circulating market capitalization.

It is worth noting that the Ethena Foundation retains exclusive decision-making authority and can veto any sale of ENA tokens by StableCoinX. Ideally, these tokens will be used solely for accumulation and not for sale.

If StableCoinX raises additional funds in the future to purchase more locked ENA from the Ethena Foundation or its affiliates, the cash proceeds from these token sales are planned to be used for spot purchases of ENA.