StablecoinX Accumulates $7.2M in Ethena Tokens

Key Points:

StablecoinX acquires 11.87 million ENA tokens valued at $7.2 million.
Acquisition part of a plan to accumulate up to 3 billion ENA tokens.
Institutional backing from Dragonfly, Brevan Howard, among others.

stablecoinx-accumulates-7-2m-in-ethena-tokens — StablecoinX Accumulates $7.2M in Ethena Tokens

StablecoinX Inc. has once again accumulated 11.87 million ENA, valued at approximately $7.2 million, as part of its ongoing treasury expansion within the Ethena ecosystem.

The acquisition is backed by institutional funding, bolstering liquidity and potentially influencing market stability for Ethena’s products.

StablecoinX’s aggregation intends to solidify a treasury for Ethena, paralleling Bitcoin BTC -1.64% strategies like MicroStrategy. This approach could stabilize ENA’s price and market position. Analysts predict positive financial outcomes but emphasize potential regulatory scrutiny due to large-scale acquisitions. The institutional backing suggests strong confidence in Ethena’s growth trajectory, impacting future market adoption.

Samay Kapoor

Samay Kapoor is a seasoned crypto journalist with over 10 years of experience in finance, blockchain, and digital innovation. For Samay, crypto is more than markets; it is a story about how technology changes people’s lives. Covering blockchain breakthroughs, NFT culture, and metaverse frontiers, she writes to spark curiosity and build understanding. At TokenTopNews, her articles blend sharp reporting with narrative storytelling, helping readers move beyond headlines to see the full picture of Web3’s evolution.