StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation Equity markets will now have direct access and exposure to the most important emerging trend in all of finance: The growth of digital dollars and stablecoins. To bootstrap its acquisition strategy, StablecoinX Inc. will use all of the $260 million cash proceeds from the raise (less amounts for certain expenses) to buy locked ENA from a subsidiary of the Ethena Foundation. Starting today, the Ethena Foundation subsidiary (via third-party market makers) will use 100% of the $260 million cash proceeds from the token sale to strategically purchase $ENA across publicly traded venues over the coming weeks, further aligning the Foundation’s incentives with those of StableCoinX shareholders. The planned deployment schedule is approximately $5m daily from today over the course of the next 6 weeks. At current prices $260m represents roughly 8% of circulating supply. Importantly, the Ethena Foundation has the right to veto any sales of $ENA by StableCoinX at its sole discretion. Ideally, tokens will never be sold with a sole focus on accumulation. To the extent StableCoinX subsequently raises capital with the intent of purchasing additional locked ENA from the Ethena Foundation or its affiliates, cash proceeds from those token sales are planned to be used to purchase spot $ENA. StableCoinX's treasury strategy is a deliberate, multi‑year capital allocation strategy that will enables StableCoinX to capture the enormous value of the secular surge in demand for digital dollars while compounding ENA per share to the benefit of shareholders.

Our first DePIN dashboard is live with GEODNET

Important concepts to consider when evaluating the bullish impact of Treasury Vehicles/Listcos. The larger the raise, the more accessible and “real” the vehicle becomes. There are substantial ($7-10mm) costs operating a public company that make vehicles under $100mm very impractical due to fee drag. Share dilution due to sponsor/warrants of 20% on this vehicle while sounding like a lot are actually CHEAPER than a $60mm vehicle that has 0% dilution due to the costs associated with operations. Many fund managers have mandates that only allow them own securities that have over say, $1B market cap. They have additional constraints that only allow them take a position that is no more than 5% of the daily volume. This HYPE vehicle is one the best I’ve ever seen, with extremely credible TradFi people on it as well a top tier crypto funds. No matter how you look at it, it’s exceptionally bullish. The $583mm HYPE locked up from potential sellers, the $305mm bought on open market, and this vehicle being the only realistic way that normies can get access to Hyperliquid. Insanely bullish.

The relative strength of crypto with concrete value capture like HYPE, AAVE vs dozens of L1/L2s that continue to trend down is one of the best things that have happened to crypto this year.

Wall Street strategist Tom Lee is aiming to create the MicroStrategy of Ethereum

In a world where AI agents and AI-generated content are ubiquitous, how will we distinguish what's truly human? @worldcoin is building the identity layer for the AI age—privacy-preserving, global, and onchain. @cosmo_jiang & @0xhopydoc unpack our thesis:

In a world where AI agents and AI-generated content are ubiquitous, how will we distinguish what's truly human? @worldcoin is building the identity layer for the AI age—privacy-preserving, global, and onchain. @cosmo_jiang & @0xhopydoc unpack our thesis:

Main item missing from @blockworksres transparency dashboard: Disclosure of team/investor/insider token sales Hard problem as you need to protect individual anonymity but aggregate information would be awesome (zk magic?)

Main item missing from @blockworksres transparency dashboard: Disclosure of team/investor/insider token sales Hard problem as you need to protect individual anonymity but aggregate information would be awesome (zk magic?)