StablecoinX raises $530M PIPE, builds 20% stake in Ethena's ENA token
What's the deal? StablecoinXDealroom has a profile for this one. Try Dealroom → has raised $530 million in a SPAC private placement backed by Brevan Howard DigitalDealroom has a profile for this one. Try Dealroom →, IMC TradingDealroom has a profile for this one. Try Dealroom →, Susquehanna CryptoDealroom has a profile for this one. Try Dealroom →, and YZi LabsDealroom has a profile for this one. Try Dealroom →. The round, announced in September 2025, brings the company's total PIPE commitments to roughly $890 million, following an initial $360 million tranche in July.
What's the endgame? The Nasdaq-listed company is building an institutional bridge to yield-bearing digital dollars tied to Ethena. Part of the proceeds funds purchases of locked ENA tokens at a discount from an Ethena FoundationDealroom has a profile for this one. Try Dealroom → affiliate, alongside a long-term supply deal.
Why it matters: The raise sits in the 90th percentile for US fintech SPAC private placements over the trailing 48 months, based on a sample of 58 rounds. That scale helped StablecoinX amass about 3 billion ENA tokens — close to 20% of the 15 billion total supply.
The numbers: In its first quarterly report, for the period ending June 30, StablecoinX valued its ENA holding at $218.4 million, or $9.09 per Class A share across 24,029,375 shares. ENA closed the period at $0.07204. Of the position, roughly 284.95 million tokens came directly from the Ethena Foundation via the business combination; the rest arrived through PIPE cash and in-kind investments.
Why now? The company completed its merger with SPAC TLGY Acquisition CorpDealroom has a profile for this one. Try Dealroom → on June 25, 2026, with Class A shares and warrants trading the next day under USDE and USDEW. The disclosure gave the market its first clear look at the balance sheet, sending shares up more than 12% at the US open.
What could go wrong? The quarterly report also revealed accounting losses and early-stage revenue, a more mixed picture than the share jump suggests. A concentrated bet on a single governance token also ties StablecoinX's fortunes tightly to ENA's price.
The signal: Public-market vehicles are becoming a preferred route for institutional crypto exposure. Holding a listed equity like USDE lets investors track ENA's performance without managing token custody or on-chain liquidity — a model regulators and traditional investors may find easier to accept.
Read more: ViralMag
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