StablecoinX Raises $530M to Expand Ethena Holdings Ahead of Nasdaq Debut

StablecoinX Assets Inc. has secured an additional $530 million in private investment in public equity financing, significantly boosting its position in the Ethena ecosystem ahead of its anticipated Nasdaq listing later this year. In partnership with TLGY Acquisition Corp., the latest funding brings total PIPE commitments to $890 million, one of the largest figures seen in the digital asset sector to date.

The round drew support from notable financial and crypto market participants including YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading. Several early backers from the first round also increased their commitments, a sign of growing confidence in StablecoinX’s long-term strategy.

The capital will be used to acquire additional ENA tokens, the native asset of the Ethena protocol, through purchases from a subsidiary of the Ethena Foundation. Funds from these transactions will be reinvested in open-market acquisitions, further expanding StablecoinX’s holdings. Earlier financing allowed the company to acquire 7.3 percent of ENA’s circulating supply in just six weeks. With the new round, holdings are projected to rise to approximately 13 percent. Chief executive Young Cho explained that this approach reflects a multiyear accumulation plan designed to offer public investors transparent access to Ethena’s ecosystem.

All ENA acquired under this arrangement will be locked, and any future sales following the Nasdaq debut will require prior approval from the Ethena Foundation. This safeguard is intended to prevent sudden large-scale disposals that could disrupt the token’s market stability, a risk often associated with concentrated holdings.

In addition to the financing, the firms announced the creation of a Strategic Advisory Board to strengthen governance and long-term market planning. The board will be chaired by Rob Hadick, general partner at Dragonfly, and will provide direction on partnerships, governance frameworks, and strategic expansion.

The announcement immediately lifted market sentiment, with ENA’s price rising nearly 12 percent in the 24 hours that followed. Ethena’s USDe stablecoin has now secured its position as the third largest in circulation, behind only Tether’s USDT and Circle’s USDC, underscoring the growing significance of the project within the global stablecoin hierarchy.

The merger between StablecoinX and TLGY Acquisition Corp. is expected to close in the fourth quarter of 2025, paving the way for a Nasdaq listing under the ticker USDE. If successful, the move will mark one of the most substantial market entries of a digital asset company to date. Backed by institutional investors, guided by an expert advisory board, and supported by a clear strategy of token accumulation, StablecoinX is positioning itself as a powerful player at the intersection of traditional markets and the emerging stablecoin economy.