The crypto project Ethena has also established a "treasury company": major purchase in ENA token.

The crypto project Ethena announced that it will buy back 260 million dollars worth of ENA tokens from the open market through its newly established treasury management company called StablecoinX. When this transaction is carried out at current prices, it corresponds to approximately 8% of the circulating supply.
The Ethena project, which provides services in the DeFi space, has established a new "treasury company." Joining the frenzy in the crypto world, Ethena has raised $360 million through the newly founded company called StablecoinX.

How will the investment spending distribution be?
With the collected fund of 360 million dollars, 260 million dollars will be used to directly purchase ENA tokens from the market. 40 million dollars will be used for expenses and costs. The remaining 60 million dollars has been allocated as locked ENA tokens to StablecoinX by the Ethena Foundation. On the other hand, if additional capital is raised in the upcoming period, ENA token purchases may again be made from the open market.

ENA per share...
The StablecoinX company will operate like other companies that see Bitcoin and Ether as treasury assets, but it will do so for ENA. The company's treasury asset will be ENA, and like newly established Bitcoin and Ether treasury companies, the goal will be to increase the number of coins per share. Thus, shareholders will have more token value thanks to the shares they hold.

With the official announcement from the Ethena Foundation, the ENA token saw an increase of over 10%. ENA had also gained more than 100% in value over the last month.
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