TLGY Acquisition Corp. and StablecoinX Assets Inc., which are looking to combine and list on Nasdaq as StablecoinX (ticker USDE) in Q4 2025, announced on Friday a new $530 million private investment in public equity (PIPE) financing round to build out its Ethena treasury strategy.
The new round brings the firms' total announced fundraising to $890 million in PIPE financing, according to an announcement from the firms. The round included participation from YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, in addition to repeat backers from the first round.
StablecoinX will use the funds to purchase locked ENA tokens, the native token of USDe stablecoin issuer Ethena, from a subsidiary of the Ethena Foundation. The subsidiary will then use those funds to buy ENA tokens on the spot market; using funds from the first round, it has already acquired 7.3% of ENA's circulating supply over the last 6 weeks, with plans to reach 13% with the new financing.
StablecoinX's purchased ENA tokens are locked, and any sales following the planned Q4 SPAC deal will be subject to a unilateral veto from the Ethena Foundation, an unusual feature that could limit future sale pressure.
"This financing enhances StablecoinX’s ability to pursue a deliberate, multi‑year ENA accumulation strategy while giving public market investors transparent, well‑governed access to the Ethena ecosystem," Young Cho, CEO of both firms, said in a statement.
The firms also announced the formation of a new Strategic Advisory Board, which will engage with StablecoinX's board and management to "[offer] perspective on ecosystem alignment, market structure, partnerships, and governance best practices with a focus on long‑term value creation for public shareholders," according to the announcement. The board will be chaired by Rob Hadick, a general partner at crypto VC firm Dragonfly.
The price of ENA has jumped by nearly 12% in the past 24 hours, following the announcement, according to The Block's Ethena Price page. Ethena's USDe is currently the third-largest stablecoin by circulating volume, behind Tether at the top and Circle in second.
