The Ethena Foundation, operating in the DeFi sector, has announced plans for a $260 million ENA token buyback over the next six weeks.
ENA Token Buyback Plan
The Ethena Foundation has announced a buyback of ENA tokens worth $260 million from the open market. The planned distribution schedule is approximately $5 million per day for the next six weeks.
New Company StablecoinX
Ethena has also announced the establishment of a treasury management company called StablecoinX, which will handle investments for the ENA token buyback. Of the $360 million raised, $60 million was allocated to StablecoinX as locked ENA tokens.
Market Reaction to News
Following the announcement of the buyback, there was a sudden increase in the price of ENA. Ethena confirmed it does not intend to sell any ENA tokens from StablecoinX and is focused on accumulating reserves.
The $260 million ENA token buyback represents a significant move for Ethena in strengthening its market position in DeFi and attracting attention to its project.
