Ethena Labs is taking a two-part approach to strengthen its ecosystem, raising $530 million in new funding for its StablecoinX project while simultaneously starting a $310 million buyback of its native ENA token.
The new PIPE (private investment in public equity) financing brings StablecoinX’s total funding to nearly $895 million. The company expects this capital to help it acquire over 3 billion ENA tokens, attracting more institutional participants and wider interest in the project.
To support its token market, Ethena has authorized a large-scale repurchase plan. A foundation subsidiary will spend $310 million over the next 6–8 weeks to buy back ENA. The plan includes a tiered strategy: spending $5 million daily if ENA trades above $0.70 and $10 million daily if it falls below that price or drops more than 5% in a single day. Ethena estimates this will remove approximately 13% of ENA’s circulating supply.
This dual strategy aims to reassure investors of the project’s long-term stability and value. By scaling its stablecoin platform and aggressively repurchasing its token, Ethena is signaling confidence and ensuring ENA remains a liquid asset.
September 2025, Cryptoniteuae
