Ethena Unveils $360 Million ENA Buyback via StablecoinX in Push to Fortify Treasury

This strategic move will be executed through StablecoinX, the project’s newly established crypto treasury arm, marking a significant step towards consolidating ENA as a long-term reserve asset.

StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol “USDE”, which includes a $60 million contribution of ENA from the Ethena Foundation…

— Ethena Labs (@ethena_labs) July 21, 2025

As outlined by Ethena, the buyback will mobilize $360 million over the next six weeks, with daily purchases of approximately $5 million ENA from the open market. This aggressive accumulation accounts for roughly 8 per cent of ENA’s current circulating supply, making it one of the most notable buyback events in the decentralised sector to date.

In tandem with the buyback initiative, Ethena has earmarked an additional $60 million in locked ENA to be assigned to StablecoinX, ensuring these tokens remain reserved for future stability efforts. Further, $40 million from the capital raised will cover operational and expansion-related expenses, underlining Ethena’s commitment to transparent treasury management.

The newly formed StablecoinX will function strictly as a reserve vehicle, with Ethena making clear there are no immediate plans to sell any ENA. The Ethena Foundation will maintain veto rights on any potential asset disposals, ensuring long-term stewardship over these funds. Ethena also stated that, should reserves grow, the project could pursue further spot market ENA purchases using treasury resources.

Market response to the news was swift, ENA’s price experienced a sharp uptick, reflecting renewed confidence among traders and investors in Ethena’s long-term strategy. The buyback is part of a larger $360 million capital campaign intended further to strengthen Ethena’s position within the decentralized finance landscape. As the company continues to innovate in treasury management, market participants will watch closely for the broader impacts on ENA’s liquidity and value.

Meanwhile, Ethena Labs and Securitize have partnered to facilitate continuous, real-time swaps between USDtb and BlackRock’s BUIDL fund. This collaboration aims to boost liquidity and capital efficiency for both institutional and decentralized finance (DeFi) users by eliminating traditional transfer delays.