Ethena Labs just dropped some big news on X that's got the crypto community buzzing. StablecoinX, their partner in crime for handling digital dollars, has secured another whopping $530 million in funding. This is all part of a clever strategy to stockpile ENA tokens, the native cryptocurrency of the Ethena ecosystem.

For those new to this, Ethena Labs is behind USDe, a synthetic stablecoin that's pegged to the US dollar but backed by a mix of crypto assets and hedging strategies. It's like a next-gen stablecoin designed for the DeFi world. ENA is the governance token that powers decisions in this protocol and also captures some of the value from the system's yields.

StablecoinX has now raised a total of about $895 million through what's called PIPE financing—that's Private Investment in Public Equity, basically a way for companies to raise cash by selling shares or tokens to select investors. With this latest round, they're set to hold over 3 billion ENA tokens on their balance sheet once everything closes.

Why does this matter? Well, this beefed-up capital means StablecoinX can tap into more institutional money, get better coverage from investors and analysts, and even hire top-notch execs. It's all about scaling up in the competitive world of digital assets.

The cash from this PIPE isn't just sitting around. It'll be used to buy ENA tokens from a subsidiary of the Ethena Foundation. In turn, that subsidiary is kicking off a $310 million buyback program over the next 6-8 weeks, using third-party market makers to scoop up ENA on the open market.

Here's the smart part: the buyback speed depends on the token's price. If ENA is above $0.70, they'll buy $5 million worth per day. But if it dips below $0.70 or drops more than 5% in a day, they ramp it up to $10 million daily. This is on top of the previous buyback from the first PIPE, which wrapped up recently.

At current prices, this new buyback plus some liquid ENA from investors represents about 13% of the circulating supply. Add in the 7.3% from the first round, and that's a significant chunk being taken off the market, which could help support the price.

Importantly, Ethena Foundation keeps a veto right on any ENA sales by StablecoinX, ensuring alignment. And if StablecoinX raises more money later for more ENA, the proceeds from selling those tokens will go right back into buying spot ENA.

This whole setup is framed as a long-term treasury strategy for StablecoinX, betting big on the growth of digital dollars while compounding value for shareholders through ENA holdings.

The thread ends with a reminder to verify messages and avoid clicking suspicious links—solid advice in crypto land.

If you're into meme tokens or just tracking the evolution of stablecoins, this move by Ethena could signal bigger things for ENA's liquidity and adoption. Keep an eye on Ethena Labs on X for more updates. What do you think—will this pump ENA to new highs?