- StablecoinX secures $530M to expand Ethena ENA token holdings.
- New PIPE financing boosts total fundraising to an impressive $890M.
- ENA price surges 12% as Nasdaq listing plans progress.
StablecoinX Assets Inc. and TLGY Acquisition Corp. have secured $530 million in new PIPE financing. The capital injection follows with the firms ready to merge and be listed on Nasdaq as USDE in Q4 2025.
The new round makes PIPE equal $890 million in terms of fundraising. According to the companies, participation came from YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, along with repeat investors from the first round.
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Expanding ENA Holdings Before Market Launch
StablecoinX will use the funds to buy locked ENA tokens from a subsidiary of the Ethena Foundation. The proceeds of that unit will be reinvested in open-market ENA purchases. With earlier financing, the firms bought 7.3% of the circulating supply in six weeks, while the new round is expected to lift holdings to 13%.
The amount of purchased ENA can be locked, and any sales after the Nasdaq deal have to be approved by the Ethena Foundation. This protection will help curb the pressure of possible large-scale token sales. Chief executive Young Cho emphasized that the financing will contribute to a multiyear accumulation strategy and provide transparent access to Ethena among public investors.
Strategic Advisory Board Announced
The firms also unveiled a Strategic Advisory Board to provide insights on governance, partnerships, and long-term market structure. Rob Hadick, general partner at Dragonfly, will chair the board.
This was instantly met by market reaction, with ENA rising almost 12% in the 24 hours following the announcement. Ethana’s USDe stablecoin has now solidified its place as the third-largest stablecoin, after Tether and Circle.
StablecoinX is setting itself well in advance of its Nasdaq debut with fresh financing of up to $530 million and plans to lift ENA holdings to 13%. The combined strategy of accumulation and governance guidance aims to reinforce its presence in the Ethena ecosystem.
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