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I’ve seen a LOT of people confused about the Ethena treasury company. It’s clever, it will likely pump the price of ENA, but it is not deflationary.
21.7. klo 22.59
Total dilution appears to be ~14% of yesterday’s circulating supply.
Ethena will use $260m of the sale to purchase ENA on the market, estimating 8% of supply.
It’s also a mystery who the target investor is for these shares. It’s a company controlled by the issuer of the asset it buys.
No matter what NAV does, it can’t sell ENA without Ethena’s permission. It’s like GBTC was where you can’t withdraw.
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