Stablecoin X Property Inc. and TLGY Acquisition Corp. have introduced they secured $530 million in new personal funding in public fairness (PIPE) financing, increasing their struggle chest to $890 million.
The elevate comes because the companies put together to merge and checklist on the Nasdaq beneath the StablecoinX identify beneath the ticker “USDE.” The funds will assist a long-term treasury technique constructed round Ethena’s ENA token.
StablecoinX is predicted to carry greater than 3 billion ENA, the businesses mentioned, including that the corporate is predicted 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 trouble with a recent $310 million buyback program, bringing whole introduced purchases to $570 million. Proceeds shall be used to accumulate ENA on public markets.
To align their technique with market construction, StablecoinX fashioned 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 12 months.
