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Ethena Foundation Initiates New $310 Million Buyback Program

3 hours ago

On September 6th, Ethena made an announcement regarding an additional $530 million "StablecoinX" PIPE transaction. Additionally, the foundation initiated a new $310 million open market buyback program. BlockBeats had previously reported that on July 21st, the stablecoin issuer StablecoinX company announced the completion of a $360 million financing round for the acquisition of ENA tokens. It also planned to list Class A common stock on the Nasdaq Global Market under the ticker symbol "USDE". The Ethena Foundation would contribute $60 million worth of ENA tokens. To commence the buyback program, StablecoinX would utilize the $260 million net cash proceeds (after deducting relevant expenses) from the financing to purchase locked ENA tokens from the subsidiary of the Ethena Foundation.

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