Crypto heavyweight Arthur Hayes is strongly bullish on Ethena’s plan to go public via a SPAC deal He is praising the deal’s structure, which includes a massive $260 million open-market ENA buyback His public support is backed by his own recent purchases of 4.2 million ENA for about $1.5 million Arthur Hayes, a prominent figure in the crypto space, is expressing strong bullish sentiment towards Ethena Labs’ new plan to go public through a $360 million deal for a new entity, StablecoinX Inc. StablecoinX is being formed through a SPAC merger with TLGY Acquisition Corp. and is backed by a $360 million private investment in public equity (PIPE). This PIPE deal includes $260 million in cash and $100 million in discounted Ethena (ENA) tokens. Once the deal closes in the fourth quarter of 2025, StablecoinX will list on the Nasdaq exchange under the ticker USDE. It will become the first publicly traded treasury company focused solely on ENA, the native token of the Ethena protocol. A $260 million ENA buyback is built into the deal According to reports, the Ethena Foundation will use the full $260 million in cash from the PIPE deal to purchase ENA tokens on t… The post Arthur Hayes Bullish on Ethena’s USDE as $360 Million Capital Raise Targets Nasdaq Listing appeared first on Coin Edition .
