Stablecoin X Property Inc. and TLGY Acquisition Corp. have introduced they secured $530 million in new non-public funding in public fairness (PIPE) financing, increasing their battle chest to $890 million.
The increase comes because the companies put together to merge and record on the Nasdaq below the StablecoinX title below the ticker “USDE.” The funds will assist a long-term treasury technique constructed round Ethena’s ENA token.
StablecoinX is anticipated to carry greater than 3 billion ENA, the businesses mentioned, including that the corporate is anticipated to be the primary devoted treasury car for the stablecoin protocol.
Traders embrace Brevan Howard, Susquehanna Crypto, and IMC Buying and selling, alongside repeat backers Dragonfly and ParaFi.
The Ethena Basis is matching the hassle with a contemporary $310 million buyback program, bringing complete introduced purchases to $570 million. Proceeds will probably be used to accumulate ENA on public markets.
To align their technique with market construction, StablecoinX shaped a brand new advisory board chaired by Rob Hadick of Dragonfly.
The board will concentrate on governance, partnerships, and long-term shareholder worth as the corporate hyperlinks public fairness capital with Ethena’s token financial system. The deal is slated to shut within the fourth quarter.
In the meantime, ArkStream Capital has introduced it invested $10 million in Ethena Labs, constructing on an preliminary $5 million funding made late final yr.
