Ethena Foundation Partners with TLGY to Form New Crypto Treasury Company
Deal News | Jul 22, 2025 | Ropes & Gray
In a significant strategic move, the Ethena Foundation has partnered with TLGY Acquisition Corp. to create a new enterprise, StableCoinX Inc., through a de SPAC transaction. The transaction aims to establish a dedicated crypto treasury company to support the Ethena ecosystem. This new venture, anticipated to close in the fourth quarter of 2025, is intended to have its Class A common shares listed on Nasdaq under the ticker symbol 'USDE.' The transaction includes a substantial $360 million PIPE investment, with the Ethena Foundation contributing $60 million in ENA tokens. This move underpins a multi-year treasury strategy focused on building a reserve of ENA tokens. Ethena, currently the third-largest digital dollar issuer, is enhancing its ecosystem through strategic token management and collaboration. The legal advisory for this transaction was provided by Ropes & Gray, emphasizing their involvement in the crypto and blockchain sectors.
Sectors
- Cryptocurrency
- Capital Markets
- Legal Services
Geography
- United States – The transaction involves a listing on Nasdaq, which is based in the United States, and includes US-based financial practices and regulations.
Industry
- Cryptocurrency – The de SPAC transaction involves the formation of a dedicated crypto treasury company and the handling of digital tokens.
- Capital Markets – The transaction includes a significant PIPE investment and plans for a listing on Nasdaq.
- Legal Services – Ropes & Gray provided legal advisory for this complex transaction.
Financials
- $360 million – Total private investment in public equity (PIPE) for the transaction.
- $60 million – Contribution in ENA tokens by the Ethena Foundation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ethena Foundation | Target Company | Company | Involved in the creation of a crypto treasury company, contributing ENA tokens. |
| TLGY Acquisition Corp. | SPAC | Company | A special purpose acquisition company facilitating the de SPAC transaction. |
| StableCoinX Assets Inc. | Bidding Company/Buyer | Company | A new infrastructure business supporting the Ethena ecosystem forming a new entity with TLGY. |
| Ropes & Gray | Legal Advisor | Company | Provided legal advisory services for the transaction. |