Ethena's ENA Jumps 12% as StablecoinX Secures $530M PIPE Funding

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Why did Ethena's ENA token jump by 12% recently?

What is PIPE funding, and why is it significant for StablecoinX?

How does StablecoinX's $530M funding impact the overall crypto market?

Ethena's ENA Jumps 12% as StablecoinX Secures $530M PIPE Funding — Image source: Unblock Media

ENA token rallies after StablecoinX closes significant financing round.
$530M to bolster Ethena’s treasury, Nasdaq listing, and liquidity efforts.

On September 6, 2025, StablecoinX Assets Inc. announced a $530 million private investment in public equity (PIPE) financing round aimed at expanding Ethena's treasury strategy. The move triggered a 12% surge in the price of Ethena’s native token, ENA, according to CoinDesk.

This PIPE financing, reported across outlets such as Cointelegraph, CryptoSlate, and Business Wire, raises StablecoinX’s total capital commitments for Ethena’s treasury initiative to approximately $890 million. The funds are earmarked to acquire over 3 billion ENA tokens as part of StablecoinX's long-term strategic plan.

The financing also lays the groundwork for StablecoinX’s upcoming merger with TLGY Acquisition Corp., a special purpose acquisition company (SPAC). Once completed, the newly-formed StablecoinX Inc. will list on Nasdaq under the ticker symbol "USDE" later in 2025. This entity will act as a dedicated treasury management hub for the Ethena ecosystem, supporting the ENA token and its associated stablecoin products.

The latest funding round saw participation from both new and returning investors, including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Part of the proceeds will be used to purchase locked ENA tokens from an arm of the Ethena Foundation. In turn, the foundation plans to use these funds for a buyback program, aimed at acquiring ENA tokens on the spot market to enhance liquidity and reinforce the growth of Ethena’s stablecoins, USDe and USDtb.

Ethena’s USDe stablecoin, now the third-largest by supply volume, boasts over $12.6 billion in circulation, highlighting the growing traction of Ethena's decentralized finance products.

As of 19:11 UTC on September 6, 2025, ENA is trading at $0.738, marking a 9.217% rise in 24-hour trading volume, according to CoinMarketCap. Meanwhile, Ethena’s USDe remains steady at $1.001, reflecting a minor 0.024% price change in the same timeframe.