StablecoinX, a digital asset firm focused on building a treasury for Ethena's ENA token, has expanded its financing to $890 million. This comes after securing an additional $530 million through a private investment in public equity (PIPE) transaction. The initial PIPE financing, announced in July, was $360 million. This substantial capital raise positions StablecoinX Inc. to become a significant player in the Ethena ecosystem.

The capital secured will be used to build a multi-year treasury strategy focused on accumulating ENA tokens. Upon closing of the transaction, the combined company is expected to hold over 3 billion ENA tokens. The goal is to establish StablecoinX as the first dedicated treasury business for the Ethena protocol.

The Ethena protocol is known for issuing the USDe and USDtb stablecoins, which operate using a delta-neutral hedging model rather than relying on traditional reserves. This model aims to capture yield from crypto markets to maintain the stablecoins' peg. As of September 2025, the total supply of USDe has reached $12.6 billion, positioning Ethena as the third-largest stablecoin issuer behind Tether and Circle.

The PIPE deal was priced at $10 per share, with a portion of the proceeds allocated to purchasing discounted, locked ENA from a subsidiary of the Ethena Foundation. This is part of a collaboration agreement between TLGY and the Ethena Foundation.

In conjunction with the financing, the Ethena Foundation has announced a $310 million token buyback program, following an initial $260 million buyback, for a total of $570 million in announced buybacks. The buyback program is expected to be executed by a third-party market maker within the next 6 to 8 weeks and accounts for approximately 13% of the circulating supply. The new buyback deployment plan is as follows: when the ENA price is above $0.70, $5 million will be bought back daily; when the price is below $0.70 or if there is a drop of more than 5% within 24 hours, $10 million will be bought back daily. The previous round of PIPE financing has been completed, with cumulative purchases accounting for about 7.3% of the circulating supply of ENA.

The additional funding is expected to strengthen the Ethena ecosystem, deepen ENA liquidity, and support the sustainable growth of USDe, USDtb, and future Ethena products. StablecoinX Assets has also formed a Strategic Advisory Board, chaired by Rob Hadick, General Partner at Dragonfly, to provide strategic counsel as the company implements its ENA treasury strategy.

The transaction is expected to close in Q4 2025, subject to shareholder approval and other customary closing conditions. Upon closing, StablecoinX Inc. expects its Class A common shares to be listed on the Nasdaq under the ticker symbol USDE. New investors in the company include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, along with returning backers like Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures.