TLGY Makes Bold Move: Merging with Smaller Firm to Acquire ENA as Strategic Crypto Treasury Asset

TLGY is shaking up the crypto space with an aggressive treasury play—partnering with a smaller firm to scoop up ENA tokens. Here's why it matters.

The Merger Gambit

By joining forces with an under-the-radar player, TLGY bypasses traditional acquisition hurdles—classic crypto-era maneuvering.

ENA as Treasury Reserve

Adding volatile crypto assets to corporate balance sheets? Either genius or reckless—Wall Street analysts are already placing bets (while quietly updating their own portfolios).

This move signals growing institutional appetite for crypto—or just another case of FOMO dressed up as 'strategic allocation.' Either way, the market's watching.

Ethena partnership locks StablecoinX into token ecosystem

Ethena isn’t some standard stablecoin protocol. The project issues USDe, a synthetic dollar that doesn’t use treasury bills like USDC or USDT. Instead, it holds stETH, a tokenized version of staked Ether.

The goal is to peg USDe’s price through a basis trade strategy, the same one hedge funds use; earning on the spread between spot and futures prices. In crypto, it’s called the cash-and-carry trade, and it’s been printing returns lately as bullish funding rates shoot up.

This is exactly the structure StablecoinX is designed to bet on. They’re betting on one token, one protocol, and one structure to deliver long-term returns. TLGY also confirmed it signed a five-year agreement with the Ethena Foundation to join future ENA offerings, so they’re not holding, they’re staying in the ecosystem for the long run.

Ethena has a strategic relationship with World Liberty Financial, a crypto firm that’s connected to President Donald Trump’s family. The alignment gives StablecoinX a foot inside the growing intersection of crypto and U.S. politics, something that’s gotten more relevant as Congress moves forward on crypto legislation.

Young Cho, the CEO of TLGY, called the decision a “deliberate, multi-year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”

Despite the market cap of ENA dropping from earlier highs, it still sits over $3 billion. The transaction is set to close in the fourth quarter of 2025. After that, StablecoinX plans to list on the Nasdaq under the ticker USDE, tying the company’s entire public identity to Ethena’s stablecoin product.

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