Ethena Foundation Launches New $310 Million Buyback Plan

BlockBeats News, September 6th, Ethena announced an additional $530 million "StablecoinX" PIPE transaction, with the foundation launching a new $310 million open market buyback program.

BlockBeats previously reported that on July 21st, stablecoin issuer StablecoinX company announced a $360 million funding round to acquire ENA tokens and plans to list Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE." The Ethena Foundation will contribute $60 million worth of ENA tokens.

To kick off the buyback program, StablecoinX will use the $260 million net cash proceeds from the funding (after deducting related expenses) to purchase locked ENA tokens from Ethena Foundation's subsidiary.