Latest news with #Ethena
Time of India
2 days ago
- Business
- Time of India
Cryptocurrency Live News & Updates : Ethereum Tests Resistance at $3,877 to $3,987
21 Jul 2025 | 11:55:12 PM IST Ethereum (ETH) is encountering a crucial resistance zone between $3,877 and $3,987, with strong support at $3,434, according to on-chain data from Glassnode. Ethereum is currently navigating a significant resistance range between $3,877 and $3,987, as highlighted by on-chain analysis from Glassnode. This resistance zone could trigger selling pressure due to the concentration of ETH holders in this price range. Meanwhile, a solid support level at $3,434 may encourage buyers to step in if prices decline. In related news, a whale investor is contemplating selling 50 WBTC, potentially realizing an impressive profit of $2.404 million after a 15-month hold. Additionally, StablecoinX has emerged as a new player in the market, planning to acquire Ethena and implement a treasury strategy with a substantial $360 million capital raise. This move aims to provide public market investors with access to the Ethena ecosystem. On the NFT front, Fat Penguin NFTs have seen a surge in sales, with a notable 15.6% rise in floor price, driven by whale purchases. Lastly, Michael Saylor warns that Bitcoin availability may become extremely limited in the next decade, urging investors to act swiftly. Show more
Bloomberg
2 days ago
- Business
- Bloomberg
Blank Check Company TLGY Surges After Raising $360 Million for Altcoin Treasury
A blank check company, TLGY Acquisition Corp. announced that it is merging with a smaller firm in order to buy and hold an alternative cryptocurrency known as ENA, the latest company to follow the crypto treasury playbook created by Michael Saylor. The combined company, to be named StablecoinX Inc., has raised $360 million from investors to buy and hold ENA, the governance token of Ethena, a project that is focused on capitalizing on a crypto version of the popular hedge fund strategy known as the basis trade.
Yahoo
2 days ago
- Business
- Yahoo
Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation
A new company called StablecoinX aims to be the first public firm to accumulate decentralized finance (DeFi) protocol Ethena's ENA (ENA) token after raising $360 million as the crypto treasury trend expands to altcoins. Nasdaq-listed shell company TLGY Acquisition Corp. and Ethena-focused validator operator startup SC Assets said Monday they plan to merge to form the new company, which will be listed under the "USDE" ticker. The transaction is expected to close in late 2025, according to a press release. StablecoinX plans to raise $360 million in a private investment in public equity (PIPE) round from a group of investors including Pantera Capital, Dragonfly, Galaxy Digital, Polychain and the companies said. Of the new funding, $100 million is provided in locked-up ENA tokens at a discount, while $260 million is in cash that can be used to purchase more locked ENA from an Ethena Foundation subsidiary. For its part, the foundation said the subsidiary is starting a token buyback program to acquire $260 million worth of ENA tokens directly from exchanges. ENA jumped to as high as $0.58 on the news before paring some of the advance. It is roughly 5% higher over the past 24 hours. The announcement comes as Wall Street's crypto treasury fever is heating up, spreading from bitcoin (BTC) to solana (SOL) and ether (ETH) as well as smaller altcoins. Ethena is a DeFI protocol known for its $6 billion "digital dollar," USDe, which generates yield by holding spot BTC, ETH and SOL and shorting an equivalent amount of derivatives harvesting the funding rate. The protocol's native token ENA serves as a governance token giving holders the right to have a say in decision-making. ENA has been one of the best-performing cryptocurrency over the past few days, rallying 65% over the past week. Apart of the fresh demand coming from the treasury strategy and token buyback, the protocol is also benefitting from renewed interest in USDe as yields increase due to rising perp funding in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Ethena's ENA Soars 20% as Protocol Sees $750M Inflow Amid Rising Crypto Funding Rates
Ethena's token ENA (ENA) surged on Sunday to its highest price in four months, as the decentralized finance (DeFi) protocol behind the token saw a fresh wave of inflows amid a broader crypto rally. The token, which serves as the governance token for Ethena, advanced roughly 20% during the day to over $0.50, topping that level for the first time since early February, according to CoinDesk data. Ethena is benefiting from the recent surge in crypto prices, generating higher yields for investors. The protocol issues the dollar-pegged USDe, marketed as a "synthetic dollar" with its price anchored at $1. It uses bitcoin (BTC), ether (ETH) and Solana's SOL (SOL)as backing assets, pairing them with an equal value of short perpetual futures positions on exchanges. The strategy generates revenue on its backing derivative assets when the perpetual funding rates are positive and passes on some of the income as yield to investors. Funding rates rose over the past few days after a long spell of near-neutral levels, CoinGlass data shows. The protocol's strategy now pays out almost 10% annualize yield to investors, more than double what money market funds pay out as a risk-free rate. Amid higher yields, the protocol's USDe attracted over $750 million in fresh inflows through the last few days, per DefiLlama data. At $6.09 billion supply, USDe is just shy below its February record supply of $6.1 billion, the project's dashboard shows.
Yahoo
16-07-2025
- Business
- Yahoo
Ether Races 6% Against Bitcoin as GENIUS Act Puts Spotlight on Yield-Bearing Stablecoins: Analyst
Ethereum's native token ether (ETH), is gaining ground against bitcoin (BTC), as the impending GENIUS Act is likely to ban yield-bearing stablecoins that promise interest-like returns, according to Markus Thielen, founder of 10x Research. The Binance-listed ether-bitcoin ratio, representing ether's BTC-denominated price, rose over 5.96% to 0.02670 on Tuesday, registering its best performance since May 13, according to data source TradingView. The upswing marked a bullish resolution to the multi-week range play and suggests continued ether outperformance ahead. Ether's dollar-denominated price rose over 4%, topping $3,100 for the first time since February. According to Markus Thielen, founder of 10x Research, the key driver for ether's price surge is seemingly the growing anticipation that the GENIUS Act, or the U.S. stablecoin bill, will pass, restricting U.S. stablecoin issuers from paying interest. "That would potentially reinforce Ethereum's importance within the digital asset ecosystem," Thielen said in a client note shared with CoinDesk. Thielen added that the GENIUS Act has put the spotlight on Ethena's $5 billion synthetic dollar USDe, which achieves delta-hedging or cash and carry arbitrage by shorting perpetual futures equivalent to the amount of ETH received from users as collateral. That's how it generates yield on USDe. The long-prevailing theory is that the shorting operation adds to bearish pressures in the futures market and caps basis, the gap between futures and spot prices. "Ethena currently represents about 4% of Ethereum's $26 billion open interest, and by consistently selling futures, it has exerted downward pressure on ETH prices," Thielen said. Ethena has already reached out to the U.S. Securities and Exchange Commission (SEC) to seek clarity on synthetic dollars, such as the USDe. The team reportedly argued that the synthetic dollar functions as a payment instrument rather than a security and falls outside the scope of the GENIUS Act and the STABLE Act, which regulate payment stablecoin issuers. Ethena is headquartered in Lisbon, Portugal, with new dollar inflows primarily coming from outside the U.S. So, it remains to be seen how it fits the evolving regulatory picture in the U.S. "If Ethena were to comply with the U.S. stablecoin bill, it could be forced to stop buying Ethereum altogether. However, the market may be interpreting this dynamic differently—ENA-USDT continues to rally, supported by rising Ethereum funding rates," Thielen said, adding that the USDe is not offered in the U.S. and so Ethena is not at risk. Ethena has earned a total revenue of nearly $300 million over the past 12 months, trailing behind Tether, Ethereum, Circle and Solana, according to data source TokenTerminal. The protcol has also earned a fee revenue of $15 million in one month. "Ethena is performing exceptionally well with the rise in funding rates, which is encouraging numerous hedge funds to set up funding arbitrage strategies. We anticipate this will translate into increased inflows for Ethereum ETFs," Thielen told CoinDesk. The GENIUS Act, which got the Senate approval in June with bipartisan support, is expected to head for a floor vote in the House by Thursday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
