Arthur Hayes Bullish on Ethena’s USDE as $360 Million Capital Raise Targets Nasdaq Listing
Main Idea
Arthur Hayes expresses bullish sentiment on Ethena’s USDE stablecoin as Ethena Labs plans a $360 million capital raise through a SPAC merger, including a $260 million ENA token buyback.
Key Points
1. Ethena Labs is going public via a $360 million SPAC merger with TLGY Acquisition Corp., forming StablecoinX Inc., which will list on Nasdaq under the ticker USDE.
2. The deal includes a $260 million open-market ENA buyback, representing about 8% of the circulating supply, to be executed at $5 million per day over six weeks.
3. Arthur Hayes publicly supports the deal, having purchased 4.2 million ENA tokens for roughly $1.5 million across multiple platforms.
4. ENA has surged over 110% year-to-date, with Ethena’s USDe stablecoin reaching a $6 billion supply and offering DeFi yields above 10%.
5. StablecoinX will be the first publicly traded treasury company focused solely on ENA, potentially reshaping liquidity and collateral frameworks in DeFi.
Description
Crypto heavyweight Arthur Hayes is strongly bullish on Ethena’s plan to go public via a SPAC deal He is praising the deal’s structure, which includes a massive $260 million open-market ENA buyback His public support is backed by his own recent purchases of 4.2 million ENA for about $1.5 million Arthur Hayes, a prominent figure in the crypto space, is expressing strong bullish sentiment towards Ethena Labs’ new plan to go public through a $360 million deal for a new entity, StablecoinX Inc. Stabl...
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