Venture Capital Firms Launch $360,000,000 Crypto Treasury Company Focused on Arthur Hayes-Backed Ethena (ENA)
Venture capitalists are forming a new firm based on accumulating stablecoin-focused crypto project Ethena (ENA). Special purpose acquisition company TLGY Acquisition, announced early on Monday that it had entered into an agreement for a business combination with StablecoinX Assets. The two companies agreed to a roughly $360 million private investment in public equity (PIPE), including a $60 million investment from the Ethena Foundation itself, plus contributions from other high-profile investors in the space like Pantera Capital, Galaxy Digital, Wintermute and more. According to the press release, the VCs believe in “large-scale ENA accumulation” in order to provide shareholders exposure to the “secular stablecoin supercycle.” Says Young Cho, CEO of both TLGY and SC Assets, “As a top issuer of digital dollars alongside Tether and Circle, Ethena is a direct beneficiary of the growth in stablecoin adoption… But it is currently difficu...