Venture capitalists are pouring $360 million into a new company focused on accumulating Ethena (ENA), a stablecoin project backed by Arthur Hayes.
A $360 Million Investment
This massive investment comes from a merger between TLGY Acquisition, a special purpose acquisition company (SPAC), and StablecoinX Assets. The deal includes a significant $60 million investment from the Ethena Foundation itself, along with contributions from well-known firms like Pantera Capital, Galaxy Digital, and Wintermute.
Why the Big Bet on ENA?
The VCs are betting big on the long-term growth of stablecoins, seeing Ethena as a major player. They plan to steadily buy up large amounts of ENA over several years. Currently, it’s hard for investors to easily access ENA through traditional markets. This new company aims to change that, giving public investors a clear path to participate in Ethena’s success.
Young Cho, CEO of both TLGY and StablecoinX Assets, explained that Ethena is a top stablecoin issuer, similar to Tether and Circle. He believes this investment strategy will allow them to profit from the increasing demand for digital dollars while boosting the company’s value.
ENA’s Recent Performance
ENA’s price is currently at $0.53, having more than doubled in July alone.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
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