TLDR
- StablecoinX Secures $530M to Fuel ENA Token Drive and Nasdaq Listing
- StablecoinX Doubles Down: $890M PIPE Backs ENA Treasury Expansion
- With $890M in PIPE, StablecoinX Eyes 3B+ ENA Tokens and Nasdaq Debut
- StablecoinX Boosts ENA Holdings Amid $310M Buyback and USDE Listing
- New PIPE Deal Puts StablecoinX at Forefront of ENA and USDE Growth
StablecoinX has confirmed an additional $530 million in PIPE financing to strengthen its ENA token accumulation strategy. This funding raises total PIPE commitments to $890 million, further supporting its planned role within the Ethena ecosystem. The company continues to prepare for its public listing under the ticker “USDE” on Nasdaq following the business combination closing in Q4 2025.
ENA Holdings to Surpass 3 Billion Tokens
StablecoinX expects to hold over 3 billion ENA tokens post-transaction closing. This scale enables a broader treasury strategy focused on long-term ENA reserves and public market exposure. The ENA accumulation reflects a multi-year allocation approach tied directly to growth in digital dollar demand.
StablecoinX plans to use the net cash proceeds to acquire locked ENA tokens from a subsidiary of the Ethena Foundation. In turn, that subsidiary has launched a $310 million ENA buyback program via third-party market makers. This buyback will run over the next 6–8 weeks and aims to deepen ENA liquidity and ensure strong ecosystem alignment.
Based on current prices, the buyback from this PIPE round represents about 13% of the ENA circulating supply. The previous PIPE acquisition already captured approximately 7.3% of supply, indicating a growing footprint. The Ethena Foundation retains veto power over any ENA sales by StablecoinX, ensuring long-term alignment.
Strategic Support and Governance Expansion
StablecoinX formed a Strategic Advisory Board. The board includes experienced market figures who offer high-level, non-governing counsel on treasury alignment, partnerships, and ecosystem development. Rob Hadick of Dragonfly will serve as the board’s chairman, and more members will be announced soon.
This initiative will complement StablecoinX’s Board of Directors and help shape its validator operations within the Ethena network. The company aims to scale validator and infrastructure services across the ecosystem with clarity and governance oversight. Strategic guidance will help align public market growth with Ethena’s evolving product suite.
StablecoinX also collaborates with the Ethena Foundation to ensure stablecoin support through products like USDe and USDtb. Anchorage Digital Bank recently partnered with the ecosystem to help onshore USDtb comply with the GENIUS Act. These developments further underline StablecoinX’s role in the stablecoin sector.
Public Market Entry and Capital Mandate
StablecoinX’s capital raise supports its plan to become a pure-play treasury vehicle in the Ethena vertical. The company’s permanent capital mandate allows it to pursue systematic token accumulation while compounding long-term ENA per-share value. The transaction provides direct access to stablecoin growth via public equity.
This deliberate approach positions StablecoinX to benefit from rising demand for digital dollars and transparent, regulated market exposure. The listing under “USDE” will open access to institutional capital and support ongoing operational scale. The PIPE structure ensures alignment among all participants throughout the transaction closing.
The Transaction remains subject to shareholder approval and standard conditions before finalization in Q4 2025. StablecoinX aims to deliver institutional-grade infrastructure and token strategy execution as the Ethena ecosystem expands. The company continues building momentum as the stablecoin sector matures.
