Venture capitalists are forming a new firm based on accumulating stablecoin-focused crypto project Ethena ( ENA ). Special purpose acquisition company TLGY Acquisition, announced early on Monday that it had entered into an agreement for a business combination with StablecoinX Assets. The two companies agreed to a roughly $360 million private investment in public equity (PIPE), including a $60 million investment from the Ethena Foundation itself, plus contributions from other high-profile investors in the space like Pantera Capital, Galaxy Digital, Wintermute and more. According to the press release , the VCs believe in “large-scale ENA accumulation” in order to provide shareholders exposure to the “secular stablecoin supercycle.” Says Young Cho, CEO of both TLGY and SC Assets, “As a top issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption… But it is currently difficult for investors to capitalize on its strong position since the native token ENA is difficult to access in traditional capital markets. This transaction gives public market investors transparent, well-governed access to the Ethena ecosystem. Deploying capital to accumulate ENA at scale is a deliberate, multiyear capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.” At time of writing, ENA is trading at $0.53, up over 100% in July so far. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Venture Capital Firms Launch $360,000,000 Crypto Treasury Company Focused on Arthur Hayes-Backed Ethena (ENA) appeared first on The Daily Hodl .
