ENA Financial Company refinances $530 million, with $310 million allocated for public purchase of ENA

ChainCatcher news, Ethena Labs posted on X that ENA Treasury Company StablecoinX announced a refinancing of $530 million as part of its ENA accumulation strategy. Thus far, StablecoinX has raised approximately $895 million through PIPE financing, and it is expected that after the transaction is completed, its balance sheet will hold over 3 billion ENA.

A subsidiary of the Ethena Foundation will use the funds raised from this PIPE to initiate an ENA buyback program of approximately $310 million, which is expected to be executed by a third-party market maker within the next 6 to 8 weeks, accounting for about 13% of the circulating supply. The previous round of PIPE financing has been completed, with cumulative purchases accounting for about 7.3% of the circulating supply of ENA. 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.