Ethena Foundation to spin up SPAC called StablecoinX dedicated to buying millions worth of ENA

The Ethena Foundation is looking to create a crypto treasury company called StablecoinX, which will invest in a $360 million ENA token buyback.

On Monday, a dedicated unit of the foundation announced it entered an agreement with the TLGY Acquisition (ticker TLGYF) special purpose acquisition company to go public. The Ethena Foundation spun up a newly-formed validator and infrastructure business to purchase millions worth of ENA.

Both firms have also entered into private investment in public equity deals for approximately $360 million total. This includes a $60 million investment from the Ethena Foundation and additional capital commitments from leading investors Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, Wintermute, among others.

"The proceeds from the PIPE are expected to anchor a multi-year treasury strategy to build a reserve of ENA, the Ethena protocol’s native token," the project wrote in a statement. "Ethena is the third-largest issuer of digital dollars on-chain, after Tether and Circle. This treasury initiative supports StablecoinX's objective of generating shareholder value by securing a strategic stake in a protocol at the forefront of the accelerating global demand for digital dollars."

The combined company is called StablecoinX Inc., and its stock will be listed on Nasdaq under the ticker USDE. StablecoinX will also run ENA infrastructure and offer staking services. The team "is committed to maximizing ENA per share" and plans to direct earnings into strategic ENA accumulation.

Ethena offers an Ethereum-based USDe "synthetic dollar" which maintains stability through a delta-hedging trading strategy. Some crypto investors treat this yield-generating instrument as an "internet bond." In June, the project partnered with Securitize to offer atomic transfers between BlackRock’s tokenized fund BUIDL and Ethena’s USDtb stablecoin, which is fully backed by BlackRock's USD Institutional Digital Liquidity Fund.

"The Ethena Foundation’s mandate is to safeguard Ethena’s longevity and decentralization," Ethena Foundation DIrector Marc Piano said in a statement. "Partnering with StablecoinX under a disciplined, locked‑token framework ensures that capital entering the ecosystem is long-term and value‑accretive while enhancing ecosystem capital efficiency."

ENA is trading at $0.52, up over 6% on the day. The token hit an all-time high of $1.52 in December 2024, according to The Block's ENA price page.