StablecoinX Inc., the treasury management entity for Ethena, announced an additional $530 million capital raise. The funding is a core component of its strategy to accumulate Ethena's native token, $ENA.

This latest financing brings the total Private Investment in Public Equity (PIPE) financing to approximately $895 million. The firm plans to use these funds to acquire over 3 billion $ENA tokens for its treasury, signaling a strong, long-term conviction in the asset.

The accumulation will follow a structured, price-sensitive schedule. StablecoinX will purchase $5 million worth of $ENA per day when the token’s price is above $0.70. The purchasing volume will double to $10 million per day if the price falls below $0.70 or experiences a drop of more than 5% in a 24-hour period.