Some takes on this new $ENA treasury vehicle: - Obv good for ena price. They’re going to be market buying $5m/day starting now for 6 weeks. - unlike other buybacks, when they end, the party doesn’t end because the vehicle still has to go live and can suck in capital in lots of ways. - USDE is an amazing ticker and stablecoin x is a great name. Weird for the other vehicles like the eth and hyperliquid ones to be named after gaming / bio companies. - tradfi has 0 ability to bid the stablecoin narrative and has instead sent circle to unreasonable valuations… if they catch on here it could do quite well - Ethena has plenty of stuff waiting to launch… coupled with 8% of the circ supply being erased in the coming weeks, it could do well. They still need to activate the fee switch, ethereal hasn’t launched, and funding rates are ripping. - Compared to the other tokens being strategically accumulated by these tradfi cos, ENA is low cap. Very interested to see what happens when it’s trading. If there’s a premium, how much of it can be captured, etc. Note: dcf cap seeded ethena