Ethena’s ENA token leaped over 12% on Saturday following news that StablecoinX Inc. secured an additional $530 million capital raise. The move is part of StablecoinX’s ongoing accumulation strategy for ENA, significantly increasing its token holdings in the Ethena ecosystem.

StablecoinX expands ENA holdings

StablecoinX has now raised a total of $895 million in private investment in public equity (PIPE) financing. This funding is expected to give the firm control of more than 3 billion ENA tokens once transactions close, positioning the company as a major player in Ethena’s ecosystem. Marc Piano, Director at the Ethena Foundation, commented:

“This additional capital strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.”

The increase in scale will also allow StablecoinX to expand into more institutional channels, attract coverage from leading investors and analysts, and build a top-tier leadership team.

StablecoinX stated that this move is part of a deliberate, long-term capital allocation strategy, designed to maximize exposure to the rising demand for digital dollars while compounding ENA growth for stakeholders.

Buyback program to support ENA price

Consistent with the approach taken during its initial PIPE raise, StablecoinX will use the new cash proceeds to acquire tokens directly from an Ethena Foundation subsidiary. Ethena confirmed that the subsidiary will initiate a $310 million buyback over the next six to eight weeks through third-party market makers.

At current market levels, this new program, along with liquidity contributions from third-party PIPE investors, represents about 13% of ENA’s circulating supply.

This buyback is in addition to the earlier program completed over the past six weeks, which absorbed around 7.3% of the supply. Importantly, the Ethena Foundation retains veto power over any future ENA sales by StablecoinX.

Defiance Capital CEO Arthur Cheong commented:

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“This is the most token holder-aligned DAT financing structure among all the DAT raises we’ve seen.”

Strengthening alignment between StablecoinX and Ethena

The relationship between StablecoinX and the Ethena Foundation emphasizes strategic alignment and long-term value creation. Future capital raises aimed at acquiring more locked ENA will channel proceeds directly into purchasing spot ENA, further reinforcing market demand.

The buybacks and treasury commitments create ongoing, programmatic support for ENA’s token price while also instilling confidence in investors. By securing nearly $900 million in financing tied directly to ENA and implementing structured buybacks, StablecoinX is strengthening both the liquidity profile and institutional credibility of the token.

Best example of DeFi legos today

The market responded swiftly, with ENA climbing over 12% after the announcement as traders interpreted the large-scale buyback and capital raise as a sign of strong institutional backing.

Ethena has established a significant presence in the DeFi sector by offering high-yield opportunities and attracting rapid capital inflows in 2025. Its synthetic stablecoin, USDe, crossed $12 billion in supply this year, marking it as one of the fastest-growing assets in the market and the third-largest stablecoin by market capitalization.

The platform’s unique approach allows users to stake their USDe to receive sUSDe, with current staking rewards yielding about 8–9% APY for sUSDe and up to 29% APY for core staking incentives, making it a popular choice among yield-seeking investors.

The ecosystem has also benefited from substantial institutional adoption, multi-chain integrations, and strategic partnerships, such as with Aave and Pendle, which further enhance liquidity and capital efficiency for users.

As of August 2025, Ethena reported more than $500 million in cumulative protocol revenue, and weekly revenue peaked at $13.4 million, highlighting its performance and status as a leader among yield-generating DeFi protocols. As BlockWorks cofounder Jason Yanowitz stated:

“The success of Ethena (issuer) + Pendle (yield market) + Aave (money market) feels under discussed. By far the best example of defi legos that exists today”