Ethena Foundation Initiates New $310 Million Buyback Program

BlockBeats News, September 6th, Ethena announced an additional $530 million "StablecoinX" PIPE transaction, with the foundation initiating a new $310 million open market buyback program.

BlockBeats previously reported that on July 21st, stablecoin issuer StablecoinX company announced the completion of a $360 million financing round to acquire ENA tokens, and plans to list Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE". The Ethena Foundation will contribute $60 million worth of ENA tokens.

To kick off the buyback program, StablecoinX will use the $260 million net cash proceeds (after deducting relevant expenses) from the financing to purchase locked ENA tokens from Ethena Foundation's subsidiary.