- Arthur Hayes backs $360M deal to elevate ENA token exposure.
- Ethena plans aggressive $260M ENA buyback in public strategy.
- StablecoinX set to debut on Nasdaq with USDE ticker.
Arthur Hayes has thrown his weight behind a significant $360 million move involving Ethena Labs and a newly formed entity, StablecoinX Inc. The initiative aims to take Ethena public through a SPAC merger with TLGY Acquisition Corp., giving public-market investors direct exposure to the ENA token.
Reports show that a $360 million privately held equity financing fuels the deal. Of that, $260 million will be paid in cash, and the rest $100 million, will be discounted ENA tokens. After agreeing on it during the fourth quarter of 2025, StablecoinX will be listed on the Nasdaq exchange with the symbol USDE.
Ethena Foundation will utilize the full amount of the $260 million cash, which will be spent in repurchasing the ENA tokens on the open market. To pay off this buyback, it is planned to take place in 6 weeks at an average of about $5 million a day. This total buyback volume is pegged at 8 percent of the existing supply at the time of ENA.
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Terms of governance have been established, with the Ethena Foundation reserving veto powers on all token sales and sharing treasury control with a joint investment committee. These frameworks are meant to provide supervision and uphold stability of tokens within the face of open markets.
In January, Arthur Hayes recently bought 4.2 million ENA tokens for about $1.5 million on platforms such as Binance, Galaxy Digital, and Wintermute. His firm support indicates the belief in the long-term prospects of the Ethena market approach and its growth through StablecoinX.
Public Market Entry Sparks Momentum for ENA and Ethena Ecosystem
The StablecoinX deal is expected to provide a clear entry point for institutional and retail investors seeking exposure to one of the top digital dollar protocols. Currently, Ethena’s USDe stablecoin has a circulating supply exceeding $6 billion, with DeFi yields still offering over 10 percent.
ENA has also experienced a strong positive price movement that has seen it increase by more than 110 percent this year. It has gained over 50 percent in the last seven days alone and is exchanging over $0.50 today.
StablecoinX has a chance to become the first precedent of crypto protocols operating in the public market as the sole Nasdaq-listed treasury company dedicated to ENA.
The buyback method and non-secretive governance could support the liquidity of ENA and clear the path to extended DeFi adoption.
Arthur Hayes’ public support and financial backing for the StablecoinX deal highlight rising confidence in ENA’s value in public markets. With capital, control, and momentum aligned, Ethena’s path to Wall Street appears firmly underway.
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