Ethena Expands StablecoinX PIPE Transaction with $530 Million Investment

According to BlockBeats, Ethena has announced an additional $530 million investment in the "StablecoinX" PIPE transaction. The foundation is also initiating a new $310 million open market repurchase plan. Previously, BlockBeats reported that on July 21, stablecoin issuer StablecoinX completed a $360 million financing round aimed at acquiring ENA tokens. The company plans to list its Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE." Ethena Foundation will contribute ENA tokens valued at $60 million. To facilitate the acquisition plan, StablecoinX will utilize the net cash proceeds of $260 million from the financing, after deducting related expenses, to purchase locked ENA tokens from a subsidiary of the Ethena Foundation.