Ethena (ENA), one of the altcoins serving the DeFi sector, announced that it will carry out a $260 million ENA token buyback through its subsidiary within six weeks. At this point, the Ethena Foundation announced plans to establish a crypto treasury company called StablecoinX, which will invest in the ENA token buyback. The Ethena Foundation announced that $360 million in funding has been raised through a company called StablecoinX. The Ethena Foundation announced that it will repurchase $260 million worth of ENA tokens from the open market through its newly established treasury management company, StablecoinX. Accordingly, $260 million of the $360 million fund collected will be used to purchase ENA tokens directly from the market. Stating that $40 million will be used for expenses and expenditures, the team stated that the remaining $60 million was given to StablecoinX by the Ethena Foundation as locked ENA. It was also stated that StablecoinX will accumulate ENA tokens as long-term treasury assets. The planned distribution schedule is approximately $5 million per day for the next 6 weeks, starting today. At current prices, $260 million equates to approximately 8% of the circulating supply. The Ethena Foundation reserves the right to veto sales of ENA StableCoinX at its sole discretion. Ideally, tokens will never be sold solely for accumulation. We are prioritizing the company's reserves. There will be no sales. If StablecoinX wishes to further increase its ENA reserves in the future, additional spot purchases will be made on the open market. Following the news, there was a sudden increase in the price of ENA. *This is not investment advice. Continue Reading: A Large Repurchase of the Surprise Altcoin Was Announced, and the Price Suddenly Rises!
