ENA Treasury Company refinances $530 million, with $310 million allocated for public ENA purchases

Jinse Finance reported that Ethena Labs announced on X that ENA treasury company StablecoinX has raised an additional $530 million as part of its ENA accumulation strategy. With this, StablecoinX has now raised a total of approximately $895 million through PIPE financing, and it is expected that after the transaction is completed, its balance sheet will hold over 3 billion ENA tokens. A subsidiary of the Ethena Foundation will use the funds raised from this PIPE to launch an ENA buyback program of about $310 million, which is expected to be executed by third-party market makers over the next 6 to 8 weeks, with the buyback amount accounting for about 13% of the circulating supply. The first round of PIPE financing has already been completed, with cumulative purchases accounting for about 7.3% of the circulating supply of ENA. The newly added buyback deployment plan is as follows: when the ENA price is above $0.70, a daily buyback of $5 million will be conducted; when the price is below $0.70 or drops more than 5% within 24 hours, a daily buyback of $10 million will be conducted.