A new firm is being established by venture capitalists with a focus on accumulating stablecoin-focused crypto project Ethena (ENA).
TLGY Acquisition, a special purpose acquisition company, announced on Monday that it had reached an agreement for a business combination with StablecoinX Assets.
The two companies have agreed to a private investment in public equity (PIPE) of approximately $360 million, which includes a $60 million investment from the Ethena Foundation, as well as contributions from prominent investors such as Pantera Capital, Galaxy Digital, Wintermute, and others.
According to the press release, the venture capitalists believe in the accumulation of ENA on a large scale to provide shareholders with exposure to the “secular stablecoin supercycle.”
Young Cho, the CEO of both TLGY and SC Assets, stated, “Ethena is a top issuer of digital dollars alongside Tether and Circle, and is well positioned to benefit from the growth in stablecoin adoption. This transaction will provide public market investors with transparent access to the Ethena ecosystem and enable StablecoinX to capture the value derived from the increasing demand for digital dollars.”
Currently, ENA is trading at $0.53, showing an increase of over 100% in July.
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