StablecoinX expands financing to $890M for Ethena's ENA treasury

TLGY and StablecoinX raised an additional $530 million in financing for its ENA strategy reserve.

StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing.

The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. According to the company, it will be the first dedicated treasury business for the Ethena ecosystem, which issues the USDe and USDtb stablecoins.

The capital was raised through a private investment in public equity (PIPE) transaction, which allows public companies to raise capital by selling discounted shares to institutional investors.

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