BlockBeats News: On July 21st, according to official sources, stablecoin issuer StablecoinX announced the completion of a $360 million financing round to acquire the ENA token and plans to list its Class A common stock on the NASDAQ Global Market under the stock code "USDE". Among them, the Ethena Foundation will contribute ENA tokens worth $60 million.
To initiate the acquisition plan, StablecoinX will use the net cash proceeds of $260 million (after deducting related expenses) obtained from the financing to purchase locked ENA tokens from Ethena Foundation subsidiaries.
Starting today, Ethena Foundation's subsidiary (through a third-party market maker) will strategically acquire ENA tokens on a public trading platform in the coming weeks using all $260 million in cash obtained from token sales, which will align the interests of the foundation with those of StableCoinX shareholders.
According to the plan, approximately $5 million will be invested daily in the acquisition for the next 6 weeks. Based on current prices, $260 million accounts for approximately 8% of ENA's circulating market value.
It is worth noting that the Ethena Foundation has exclusive decision-making power to veto any sale of ENA tokens by StableCoinX. Ideally, these tokens would only be used for increasing holdings and not for sale.
If StableCoinX subsequently raises funds to purchase more locked ENA from the Ethena Foundation or its affiliates, the cash proceeds from these token sales will be used for spot purchases of ENA.
