Ethena has announced a new market initiative, launching a $260 million buyback program for ENA tokens as part of a larger $360 million strategy.
ENA Buyback Initiative
Ethena has unveiled its ENA token buyback program as part of an overall strategy to consolidate assets, which also involves raising $360 million. This move is focused on the long-term growth of the project.
Funding Allocation
Of the total $360 million raised, $260 million will be deployed over six weeks through daily purchases of approximately $5 million, equating to about 8% of ENA's circulating supply. Additionally, $60 million will be allocated to StablecoinX, while $40 million is earmarked for operational expenses.
Market Reaction
The announcement triggered an immediate price spike for ENA tokens, reflecting market confidence in Ethena's long-term strategy. The company emphasizes that StablecoinX will operate as a reserve-focused entity with no plans to sell ENA tokens in the future.
Ethena's initiative for a $260 million ENA token buyback highlights consistent interest in the project and its strategic roadmap for future development, already evident in the asset's price dynamics.
