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.

How the New Raise Will Be Deployed

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.

A Long-Term Treasury Play

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.

Whale Profits as ENA Climbs

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.

Institutional Demand Meets Retail Momentum

StablecoinX’s strategy shows how institutional demand is converging with retail speculation. On one side, the company is methodically locking down ENA supply through structured financing. On the other, traders and whales are positioning aggressively in anticipation of future growth.

The dual forces create a reinforcing loop: capital raises support buybacks, buybacks fuel scarcity, scarcity drives price, and price gains validate early positions.

The next 6–8 weeks will be critical. With $310M in buybacks scheduled and deployment triggers tied to market action, ENA’s liquidity profile could shift meaningfully.

If StablecoinX continues executing its treasury play, the company may emerge as one of the largest corporate token holders in the sector. Combined with Ethena Foundation’s buyback alignment, the setup places ENA among the most institutionally supported tokens in the market today.

For traders, the whale case shows the upside of conviction. For institutions, StablecoinX demonstrates how structured capital raises can be used to build long-term token exposure.

StablecoinX’s $530M raise isn’t just about capital. It’s about control, alignment, and long-term strategy. By absorbing circulating supply and tying future raises to spot purchases, the firm is building deep exposure to ENA’s growth story.

The current rally and whale profits show the market is responding. With nearly 20% of supply now spoken for between PIPE deals, ENA enters a new phase where scarcity, institutional demand, and long-term positioning converge.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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