StablecoinX Secures $530M to Boost ENA Holdings in Ongoing Accumulation Drive

Highlights:

• StablecoinX has raised an additional $530 million, intensifying ongoing ENA tokens accumulation.
• $890 million has been raised, and a portion of the capital will be used to purchase locked ENA tokens.
• StablecoinX also announced a strategic advisory board that would help drive ongoing ENA accumulation.

StablecoinX Assets Inc. and TLGY Acquisition Corp. announced that they have jointly secured an additional $530 million as part of ongoing ENA accumulation efforts. Both companies announced the capital raise in a press release on September 5. Ethena Labs also shared the update via a tweet on its verified X handle.

TLGY Acquisition, a blank-check company, focuses on raising capital and merging with or acquiring other businesses. It helps start-ups expand faster with significant financial support. On the other hand, Stablecoin X is a brand-new company that would serve as Ethena’s technical backbone. Its role includes managing validators, staking, and other operations for the smooth running of Ethena’s ecosystem.

TLGY announces that it has reached a definitive agreement to complete a business combination and secured $360 million in commited PIPE financing to form StablecoinX, a stablecoin-focused Ethena treasury company

StablecoinX is expected to be the first pureplay treasury company in… pic.twitter.com/aaY7biflLo

— StablecoinX (@stablecoin_x) July 21, 2025

Fundraising Hits $890M as StablecoinX Secures $530M

The recent fundraising comes a few days after the announcement of an initial $360 million PIPE financing. Overall, StablecoinX has raised $890 million and plans to invest the capital in over 3 billion ENA tokens. The fundraising exercise also forms part of the company’s effort to establish the first dedicated ENA treasury.

PIPE financing, an acronym for Private Investment in Public Equity, is a special fundraising method where companies sell shares or tokens linked to equity to institutional investors at a set price. The company gains quick access to a large amount of capital while investors benefit from purchasing assets at discounted prices.

StablecoinX Inc. @stablecoin_x has announced an additional $530 million capital raise as part of its $ENA accumulation strategy.

To date, StablecoinX has raised a total of approximately $895M in PIPE financing, which is expected to result in a vehicle with over 3 billion ENA… pic.twitter.com/pdkl1D8u5x

— Ethena Labs (@ethena_labs) September 5, 2025

Fundraising Participants

According to the press release, entities like YZi Labs, IMC Trading, Susquehanna Crypto, and Brevan Howard participated in the $530 million fundraising exercise. Aside from these companies, other returning investors, including Haun Ventures, Dragonfly, Kingsway, ParaFi Capital, Maven11, and Mirana, also contributed to the fundraising.

The PIPE financing was priced at an average cost of $10 per share. StablecoinX will use portions of the net proceeds to buy locked ENA tokens at discounted prices from ENA Foundation’s subsidiary. The company also plans to hold the acquired tokens in custody pending completion.

Ethena Foundation’s Director, Marc Piano, shared insight into what the company intends to use the capital for. He stated, “This capital strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products.”

Similarly, Young Cho, who is the Chief Executive Officer (CEO) at both TLGY and StablecoinX Assets, commented on the raised capital. He stated, “This financing enhances StablecoinX’s ability to pursue a multi-year ENA accumulation strategy while giving public market investors transparent access to the Ethena ecosystem.”

Strategic Advisory Board for a Sustainable Treasury

Beyond raising funds, StablecoinX Assets formed a strategic advisory board with Rob Hadick, General Partner at Dragonfly, as Chairman. StablecoinX Assets noted that it will announce more members before the transaction closes in 2025 Q4.

Speaking about his new role, Hadick emphasised the rising demand for stablecoin exposure, noting that StablecoinX will aid in boosting the accessibility of the tokens. “Ethena’s the third largest synthetic dollar issuer, placing it at the forefront of the surging stablecoin market,” he added.

ENA Price Spikes as StablecoinX Secures $530M to Fund ENA Accumulations

At the time of press, ENA is priced at about $0.75, following a 12.1% upswing in the past 24 hours, with price extremes fluctuating between $0.6551 and $0.7612. Beyond its short-term price change variable, long-term price data reflected significant upswings. Meanwhile, ENA has a 0.14% dominance, a high volatility at 7.72%, a bullish sentiment, and a neutral Fear and Greed Index.