According to Odaily Planet Daily, Ethena Labs announced in a post on X that StablecoinX, the ENA treasury company, has announced an additional $530 million in funding as part of its ENA accumulation strategy. To date, StablecoinX has raised approximately $895 million through PIPE financing, and expects to hold over 3 billion ENA on its balance sheet upon completion of the transaction.

A subsidiary of the Ethena Foundation will use the funds raised from this PIPE to initiate a buyback program of approximately $310 million in ENA, representing approximately 13% of the circulating supply, expected to be executed by third-party market makers over the next six to eight weeks. This buyback follows the completion of the first round of PIPE financing, which cumulatively purchased approximately 7.3% of the circulating supply of ENA.

The newly added repurchase deployment plan is: when the ENA price is higher than US$0.70, US$5 million will be repurchased daily; when the price is lower than US$0.70 or falls by more than 5% within 24 hours, US$10 million will be repurchased daily.