ENA treasury company StablecoinX refinancing $530 million and will invest $310 million to buy ENA

Ethena Labs posted on X that ENA treasury company StablecoinX announced a refinancing of $530 million as part of its ENA cumulative strategy. So far, StablecoinX has raised a total of approximately US$895 million through PIPE financing, and it is expected that after the transaction is completed, its balance sheet will hold more than 3 billion ENAs. The Ethena Foundation subsidiary will use the funds raised by this PIPE to launch an ENA buyback program of approximately $310 million, which is expected to be implemented by third-party market makers in the next 6 to 8 weeks, with a repurchase scale of about 13% of the circulating supply. The previous first round of PIPE financing has been completed, and the cumulative purchase of ENA, which accounts for about 7.3% of the circulating supply. The new repurchase deployment plan is: when the ENA price is above $0.70, it will repurchase $5 million per day; when the price is below $0.70 or if the price falls above 5% in 24 hours, it will repurchase $10 million per day.