StablecoinX Shakes Up Crypto: Eyes Nasdaq Listing, Ethena Buyout!

Hang onto your hats, folks! StablecoinX, the new kid on the block, is about to rock the crypto world as the first publicly traded firm to gobble up Ethena and dive headfirst into a treasury strategy!

Born from the fiery merger of TLGY Acquisition and StablecoinX Assets Inc., this powerhouse is ready to hit the Nasdaq Global Market under the sizzling ticker symbol USDE. It's a game-changer, and you won't want to miss it!

Get this: on July 21, StablecoinX dropped a bombshell, announcing they've raked in a whopping $360 million! And guess what? $60 million of that is in Ethena's own ENA tokens, straight from the Ethena Foundation. Cha-ching!

But wait, there's more! TLGY and SC Assets didn't just stop there. They've lured in some heavy hitters from the crypto VC scene, including Pantera Capital, Dragonfly, Ribbit Capital, Blockchain.com, Haun Ventures, and Galaxy Digital. These titans are all in on the $360 million private investment in public equity. It's a crypto party, and everyone's invited!

So, what's StablecoinX all about? They're not just another company; they're a pure-play treasury outfit zeroing in on the stablecoin sector. And get this: they're the first public firm to jump on the treasury strategy bandwagon with ENA. It's a whole new ballgame!

$5 Million Daily ENA Buying Spree

Now, let's talk about Ethena. These guys are behind the USDe and USDtb stablecoins on the Ethereum network, and they're making waves. ENA's price just bounced back above $1.25, and the crypto-native solution is hotter than ever!

Sure, Ethena's up there with the big dogs like Tether and Circle when it comes to U.S. dollar-backed tokens. But here's the kicker: ENA isn't exactly easy to snag for folks in the traditional capital markets. That's where StablecoinX comes in, swinging for the fences!

Young Cho, the big cheese at TLGY and SC Assets, says this move to create StablecoinX and scoop up ENA is all about giving public market investors a clear, well-governed way to tap into the Ethena ecosystem. It's like a golden ticket to the crypto candy store!

And Cho's not messing around. He says, "Deploying capital to accumulate ENA at scale is a deliberate, multi-year capital allocation strategy that will let StablecoinX ride the wave of the digital dollar demand surge while cranking up the intrinsic value per share." It's a long-term play, and it's gonna pay off big time!

But hold on, there's more! Ethena Labs spilled the beans: StablecoinX is going on a $5 million daily ENA buying spree for the next six weeks. That's right, they're going all-in, and they're not looking back!

Here's how it's gonna go down: they'll be snapping up ENA through third-party market makers, using 100% of their $260 million cash stash. That's enough to grab around 8% of the ENA circulating supply. And if that's not enough, they've got more capital ready to pour into spot deals for this altcoin. It's a feeding frenzy, and StablecoinX is at the top of the food chain!