Emre Yumlu 
In a bold move that’s sending ripples through the crypto world, Ethena has announced a significant $260 million buyback of its native token, ENA. This large-scale initiative is fueled by StablecoinX Inc.’s robust capital expansion, aiming to further bridge the gap between digital assets and traditional finance.
The ENA Buyback Program
As StablecoinX Inc. prepares to list its Class A shares on the Nasdaq Global Market under the ticker “USDE”, the firm has allocated $260 million in cash reserves to purchase locked ENA tokens directly from the Ethena Foundation. Excluding certain operational costs, these funds will be used exclusively to repurchase ENA tokens from public exchanges via third-party market makers.
The buyback is set to occur over a six-week period, with an average daily purchase of $5 million. Based on current prices, this represents nearly 8% of the circulating supply — a substantial move that’s catching the attention of investors and analysts alike.
Adding to the bullish sentiment, the Ethena Foundation retains veto power over any future sale of ENA tokens by StablecoinX, ensuring long-term holding and value preservation. The treasury strategy is part of a broader multi-year plan to capitalize on the rising demand for digital dollars and stablecoins, ultimately aiming to increase ENA per share value over time.
ENA Price Action and Market Outlook
Following the announcement, ENA surged to $0.53, posting an impressive 7.43% daily gain. The sharp uptick in price highlights renewed investor confidence and could signal the beginning of a sustained upward trend.
This structured and prolonged accumulation by market makers is expected to provide strong technical support for ENA. In the short to medium term, this could stimulate further bullish momentum, particularly if trading volume and long positions continue to rise.
Market participants should closely monitor the impact of this buyback on ENA’s volatility and liquidity in the coming weeks. The move also sets a precedent for how tokenized equity strategies might influence price action in the evolving altcoin space.
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