StablecoinX to go public via SPAC merger, raising $360M for ENA treasury
Main Idea
StablecoinX is going public via a SPAC merger with TLGY Acquisition Corp., raising $360 million to build a crypto corporate reserve anchored by the ENA token, with backing from major investors.
Key Points
1. StablecoinX will merge with TLGY Acquisition Corp. to form StablecoinX Inc., trading under the symbol 'USDE'.
2. The merger includes a $360 million private investment in public equity, with investors like Pantera, Galaxy Digital, and the Ethena Foundation.
3. $260 million will be used to buy locked ENA tokens, and the Ethena Foundation will buy back $5 million worth of ENA tokens daily for six weeks.
4. The strategy mirrors Bitcoin treasury companies, but StablecoinX focuses on accumulating ENA tokens as a reserve asset.
5. The move aligns with a broader regulatory shift in the US, highlighted by Circle's recent IPO and surging stock performance.
Description
The new entity will manage a crypto corporate reserve powered by the ENA token, with investors including Pantera, Galaxy Digital and the Ethena Foundation.
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