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 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 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.
