Stablecoin X Assets Inc. and TLGY ACQUISITION CORP. have announced that they secured $ 530 million in new private investment in public equity (TUBE) Financing, expanding their war box to $ 890 million.
The swelling comes as companies are preparing to merge and list NASDAQ under the StableCOinx name under the ticker “USDE.” The funds support a long-term Treasury strategy built around the Ethena’s Ena-token.
StableCOinx is expected to have more than 3 billion ENA, the companies said, adding that the company is expected to be the first dedicated Finance Ministry of the StableCoin protocol.
Investors include Brevan Howard, Susquehanna Crypto and IMC Trading along with repeated bakers Dragonfly and Parafi.
The Ethena Foundation matches the effort with a new $ 310 million repurchase program, bringing the total announced purchases to $ 570 million. Revenue will be used to acquire ENA in public markets.
To adapt their strategy with the market structure, StableCOinx formed a new advisory board chairman of Rob Hadick from Dragonfly.
The Board of Directors will focus on governance, partnerships and long -term shareholder value as the company connects the public shares to Ethena’s token economy. The deal is intended to close in the fourth quarter.
Meanwhile, Arkstream Capital has announced that it invested $ 10 million in Ethena Labs and is based on a first $ 5 million investment made late last year.
