Ethena (ENA) Buybacks Accelerate as StablecoinX Lifts Total Financing to $895M

TLDR:

• StablecoinX raised $530M, taking total PIPE financing to $895M for ENA token purchases.
• The new raise supports a $310M ENA buyback over six to eight weeks.
• Combined PIPE rounds now cover roughly 20% of ENA’s circulating token supply.
• Ethena Foundation keeps veto rights on ENA sales by StablecoinX.

StablecoinX is doubling down on ENA. The company has announced fresh financing that builds on its earlier capital raise. The new round expands its balance sheet with billions of ENA tokens. 

Plans include a large-scale buyback program in coordination with the Ethena Foundation. Market watchers are tracking the move as it directly affects ENA’s circulating supply.

StablecoinX Capital Raise Expands ENA Position

According to Ethena Labs, StablecoinX has raised an additional $530 million. This takes the firm’s total PIPE financing to about $895 million. At closing, its balance sheet is expected to hold more than 3 billion ENA tokens.

The latest raise mirrors the structure of its initial PIPE deal. Cash from the transaction will again be used to purchase ENA from a subsidiary of the Ethena Foundation. 

StablecoinX said the expansion enables access to more institutional channels and broader investor coverage. It also plans to strengthen leadership through new hires.

StablecoinX Inc. @stablecoin_x has announced an additional $530 million capital raise as part of its $ENA accumulation strategy.

To date, StablecoinX has raised a total of approximately $895M in PIPE financing, which is expected to result in a vehicle with over 3 billion ENA… pic.twitter.com/pdkl1D8u5x

— Ethena Labs (@ethena_labs) September 5, 2025

The Ethena Foundation’s subsidiary is set to launch a $310 million buyback program. That will take place over six to eight weeks through third-party market makers. The purchases reinforce alignment between the Foundation and StablecoinX investors.

Deployment guidelines for ENA buying were also shared. StablecoinX will allocate $5 million daily if ENA trades above $0.70. It will double to $10 million daily if the price drops below $0.70 or falls more than 5% within 24 hours.

ENA Supply Tightens Under New Buyback Program

Ethena Labs’ founder, who tweets under the name G, framed the new round as a major milestone. He said the $530 million represents about 14% of ENA’s circulating market cap. For perspective, he compared it to large-scale BTC and ETH buying.

Excited to see a successful follow on raise for StablecoinX of ~$530m which represents roughly 14% of the circulating market cap of $ENA.

To put this into perspective, this raise is the equivalent of:
i) Saylor raising ~$300b to buy BTC
ii) Tom Lee raising ~$75b to buy ETH… pic.twitter.com/dFkDw93nUi

— G | Ethena (@gdog97_) September 5, 2025

The buyback program from this PIPE, combined with the liquid ENA contributed by investors, covers approximately 13% of the supply. That comes in addition to the initial PIPE transaction, which had secured about 7.3% of circulating tokens in recent weeks. 

Together, the two transactions now represent close to one-fifth of the total float.

Ethena Foundation will maintain veto rights on any sales of ENA by StablecoinX. This provides control over future token movement. StablecoinX has also indicated that any future capital raises aimed at ENA purchases will follow the same structure.

The treasury strategy is designed as a long-term capital plan. StablecoinX stated that it intends to compound ENA holdings over time, aligning with demand growth for digital dollar products.