The post Why Arthur Hayes Is So Bullish on Ethena’s $360M SPAC Deal appeared on BitcoinEthereumNews.com.

Crypto heavyweight Arthur Hayes is strongly bullish on Ethena’s plan to go public via a SPAC deal He is praising the deal’s structure, which includes a massive $260 million open-market ENA buyback His public support is backed by his own recent purchases of 4.2 million ENA for about $1.5 million Arthur Hayes, a prominent figure in the crypto space, is expressing strong bullish sentiment towards Ethena Labs’ new plan to go public through a $360 million deal for a new entity, StablecoinX Inc.  StablecoinX is being formed through a SPAC merger with TLGY Acquisition Corp. and is backed by a $360 million private investment in public equity (PIPE). This PIPE deal includes $260 million in cash and $100 million in discounted Ethena (ENA) tokens. Once the deal closes in the fourth quarter of 2025, StablecoinX will list on the Nasdaq exchange under the ticker USDE. It will become the first publicly traded treasury company focused solely on ENA, the native token of the Ethena protocol. A $260 million ENA buyback is built into the deal According to reports, the Ethena Foundation will use the full $260 million in cash from the PIPE deal to purchase ENA tokens on the open market. This massive buyback, representing about 8% of the circulating supply, is expected to occur at a rate of roughly $5 million per day over a six-week period. It’s also worth noting that the governance controls include the Ethena Foundation retaining veto power over any token sales and a joint investment committee overseeing treasury moves. Arthur Hayes shared a rather optimistic view (with profanity) regarding the announcement, which might not be surprising considering he purchased 4.2 million ENA tokens recently. Hayes spent roughly $1.5 million across Binance, Wintermute, and Galaxy Digital, showing a clear financial statement in favor of Ethena’s potential.…

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Filed under: News - @ July 22, 2025 3:26 am