A new venture capital firm is being formed based on the stablecoin focused crypto project Ethena.
TLGY Acquisition announced on Monday morning that they had signed an agreement to combine their business with StablecoinX Assets.
Both companies have agreed on a private equity investment of approximately $360,000,000. This includes a $60,000,000 investment by the Ethena Foundation, as well contributions from high profile investors such as Pantera Capital Galaxy Digital Wintermute, and others.
The press release states that the VCs are “committed to large-scale ENA acquisition” to give shareholders exposure to a “secular supercycle for stablecoins.”
“Young Cho is the CEO of TLGY as well as SC Assets,” says Young Cho.
Ethena, as a leading issuer of stablecoins alongside Tether and Circle is directly benefiting from the growing adoption of these coins… However, it’s difficult for investors at the moment to take advantage of this strong position because the native token ENA can be difficult to obtain on traditional capital markets. The transaction provides public market investors with transparent and well-regulated access to Ethena’s ecosystem.
“Deploying capital in order to acquire ENA is a deliberate multi-year capital allocation strategy which will allow StablecoinX capture the growth driven by digital dollar demand while compounding the intrinsic value of each share.”
ENA was trading for $0.53 at the time this article was written, an increase of over 100 percent in July.
Join us at X@InvCryptoDaily and don’t miss a beat – subscribe to receive email alerts directly in your mailbox ___________________ ___________________
Images Can Be Found on Pixabay Creative Commons & Midjourney
Venture Capital Firms Launch Crypto Treasury Company Targeting Arthur Hayes’ Ethena (ENA), Investing $360,000,000 appeared first on the ICD.
