Am I to understand that someone borrowed $10m unsecured at 18% APY to buy the stock of a company whose sole business is holding ENA, which it can only liquidate 1) after it begins to vest in 12 months and 2) with permission from Ethena Foundation, the controlling shareholder?

No wonder your stablecoin trades at 82¢. How can you possibly make money here unless people blindly ape into this stock that can’t sell without asking permission of the asset issuer? It’s like if you had a MMF where you needed to ask the Treasury Secretary before you could sell