Ethena’s ENA Jumps 12% After $530M PIPE Funding Boost

- ENA price climbs following StablecoinX's $530M PIPE financing. - Treasury holdings set to rise to 13% of circulating ENA supply. Ethena’s native token (ENA) surged 12% on September 6, 2025, after StablecoinX announced a $530 million private investment in public equity (PIPE) financing round. On September 6, The Block reported that this round brings StablecoinX’s total PIPE funding to $890 million, as the company prepares to merge with TLGY Acquisition Corp. and list on Nasdaq under the ticker USDE in late 2025. StablecoinX will use the new funds to purchase locked ENA tokens as part of its broader treasury strategy to strengthen the Ethena ecosystem. To execute this, a subsidiary of the Ethena Foundation will sell these locked tokens to StablecoinX and subsequently reinvest the proceeds to acquire additional ENA on the open market. As a result, this financing will increase StablecoinX’s treasury holdings from 7.3% to 13% of ENA’s circulating supply. To stabilize the market, StablecoinX is locking the purchased ENA tokens to prevent sell-offs. In addition, it is instituting a unilateral veto mechanism for token sales, which the Ethena Foundation will control after the merger. Highlighting the strategic approach, Young Cho, CEO of TLGY and StablecoinX, said in a statement on September 6, the funding supports a “deliberate, multi‑year ENA accumulation strategy while giving public market investors transparent, well‑governed access to the Ethena ecosystem.” A newly formed Strategic Advisory Board, chaired by Rob Hadick, general partner of the crypto VC firm Dragonfly, will oversee the strategy’s governance to ensure long-term value creation. As of 19:08 UTC on September 6, ENA traded at $0.738, with its 24-hour trading volume increasing by 9.26%. According to CoinMarketCap data on September 6, trading volume reached $1.305 billion over the past day, signaling robust investor interest following the announcement.