TLGY Acquisition Corp. and StablecoinX Assets Inc. announced an additional $530 million in PIPE financing, bringing total committed PIPE proceeds to $890 million in support of their proposed business combination and a multi‑year treasury strategy focused on accumulating ENA, the Ethena protocol’s native token.
TLGY and StablecoinX Secure $890 Million PIPE to Build ENA Treasury for Ethena Ecosystem
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The financing—priced at $10 per share—includes participation from YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading alongside earlier investors such as Dragonfly and ParaFi. The combined company, to be named StablecoinX Inc., is expected to hold over 3 billion ENA at closing. The Ethena Foundation will deploy cash proceeds to buy ENA in public markets and is initiating a follow‑on $310 million token buyback to supplement an earlier $260 million program. StablecoinX also formed a Strategic Advisory Board chaired by Rob Hadick to advise on treasury, governance and ecosystem growth.
