StablecoinX Raises $530M to Expand ENA Strategy, More Data To Watch

StablecoinX Inc. (@stablecoin_x) has secured an additional $530 million in capital. The new raise comes as part of its ongoing plan to accumulate Ethena’s $ENA token.

This brings total private investment in public equity (PIPE) financing to about $895 million. Once closed, StablecoinX expects to hold more than 3 billion ENA tokens on its balance sheet.

The scale gives the firm wider access to institutional channels, stronger investor coverage, and the ability to attract top-tier leadership.

StablecoinX Inc. @stablecoin_x has announced an additional $530 million capital raise as part of its $ENA accumulation strategy.

To date, StablecoinX has raised a total of approximately $895M in PIPE financing, which is expected to result in a vehicle with over 3 billion ENA… pic.twitter.com/pdkl1D8u5x

— Ethena Labs (@ethena_labs) September 5, 2025

As with the first PIPE raise, the new cash will be used to acquire tokens directly from a subsidiary of the Ethena Foundation.

That subsidiary plans to begin a $310 million buyback program over the next six to eight weeks. The buybacks will be executed through third-party market makers.

The move is designed to reinforce alignment between Ethena and StablecoinX shareholders. It also mirrors the structure of the initial PIPE transaction, which has now been completed.

The buyback pace will be tied to ENA’s price action:

• $5M per day if ENA trades above $0.70
• $10M per day if ENA trades below $0.70, or drops more than 5% in 24 hours

This flexible deployment schedule ensures tokens are absorbed at favorable prices while supporting liquidity in the open market.

Impact on Circulating Supply

At today’s prices, the combined effect of the buyback program and the liquid ENA contributed by PIPE investors represents about 13% of circulating supply.

This comes on top of the initial PIPE financing, which accounted for 7.3% of supply acquired over the past six weeks.

Together, the two transactions represent a significant portion of ENA’s float being absorbed by StablecoinX and Ethena.

Importantly, the Ethena Foundation retains veto rights over any future sales of ENA by StablecoinX. That condition ensures alignment between both parties and reduces risk of sudden token dumps into the market.

StablecoinX’s treasury allocation is not a short-term trade. The company describes it as a multi-year capital strategy designed to capture value from the surging demand for digital dollars.

The focus is on compounding ENA per share over time, directly benefiting shareholders as token scarcity increases.

If StablecoinX raises more capital in the future, the plan is to continue buying locked ENA from the Ethena Foundation or affiliates. In those cases, proceeds from token sales will again be used for spot ENA purchases, further reinforcing token demand.

This recursive loop, raising funds, buying ENA, and aligning with the Foundation, demonstrates StablecoinX’s intent to build long-term exposure.

The timing of the raise coincides with ENA’s strong market action. The token has climbed more than 13% in the past 24 hours, according to CoinMarketCap.

One of the biggest winners is Hyperliquid’s top ENA whale. The address 0x6b78be2ba4d55d5ee434c7d47fb3bbaffafc5e9c is currently sitting on $3.63 million in unrealized profit from a 5x long position.

The whale began building exposure on July 29, accumulating a massive 48.8 million ENA at an average entry price of $0.6804. At current value, the position is worth about $36.63 million.

This trade highlights how early leveraged bets on ENA are paying off as fundamentals strengthen.

受 Ethena 基金会回购计划影响，ENA 24 小时涨幅超 13%，Hyperliquid $ENA 第一大持仓地址 0x6b7…c5e9c 的 5x 多单已浮盈 310.7 万美元！