Enterprise capitalists are forming a brand new agency primarily based on accumulating stablecoin-focused crypto challenge Ethena (ENA).
Particular goal acquisition firm TLGY Acquisition, introduced early on Monday that it had entered into an settlement for a enterprise mixture with StablecoinX Property.
The 2 firms agreed to a roughly $360 million non-public funding in public fairness (PIPE), together with a $60 million funding from the Ethena Basis itself, plus contributions from different high-profile buyers within the area like Pantera Capital, Galaxy Digital, Wintermute and extra.
In response to the press release, the VCs imagine in “large-scale ENA accumulation” so as to present shareholders publicity to the “secular stablecoin supercycle.”
Says Younger Cho, CEO of each TLGY and SC Property,
“As a high issuer of digital {dollars} alongside Tether and Circle, Ethena is a direct beneficiary of the expansion in stablecoin adoption… However it’s presently troublesome for buyers to capitalize on its robust place for the reason that native token ENA is troublesome to entry in conventional capital markets. This transaction offers public market buyers clear, well-governed entry to the Ethena ecosystem.
Deploying capital to build up ENA at scale is a deliberate, multiyear capital allocation technique that can allow StablecoinX to seize the worth pushed by the secular surge in demand for digital {dollars} whereas compounding intrinsic worth per share.”
At time of writing, ENA is buying and selling at $0.53, up over 100% in July up to now.
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