Merger closed with StablecoinX (Nasdaq $USDE) in June 2026. See @stablecoin_x Risk Disclosures: https://xitter.cf/t.co/4zZRvJTUkG
Joined April 2025
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Excited to enter into a combination with StablecoinX, bringing the First Pure-Play Treasury Company with @ethena focused on the stablecoin ecosystem.
globenewswire.com/news-relea…
StablecoinX ( $TLGYF today, $USDE at close) will allow public equity investors to gain exposure to the significant growth opportunities provided by the Ethena ecosystem. For more information on the transaction, please visit bit.ly/466lx2x
Important disclosures: bit.ly/4lrezcL
TLGY Acquisition Corp retweeted
@TLGYAcq and StablecoinX Assets are thrilled to announce that we have raised an additional $530 million in PIPE financing. This PIPE brings our total amount raised to $890 million following our previously announced a definitive agreement for a business combination.
We encourage you to follow @stablecoin_x for all official updates on the $TLGYF stock and the TLGY-StablecoinX Assets merger.
TLGY Acquisition Corp retweeted
📉 Most altcoin DATs won’t trade at a premium forever
@HadickM says volatility will push some of these below NAV… and that’s expected!
⚠️ “It’s not MicroStrategy.”
TLGY Acquisition Corp retweeted
Crypto’s latest Wall Street play: altcoin DATs
Ethena’s @gdog97_ & Dragonfly’s @HadickM debate:
📈 Why StablecoinX is buying $ENA
💸 Who’s buying these wrappers
🔥 Is this real demand or another bubble?
Timestamps:
🎬 0:00 Intro
🧠 3:29 Why Ethena worked with a team launching an ENA corporate treasury company
💰 10:38 Ways to structure public crypto treasury vehicles
🕵️♂️ 16:53 Whether treasury vehicles are just a flashy wrapper for vaporware
📉 22:28 Why Guy says there’s way more VC capital than good ideas in crypto right now
📈 31:20 How some DATs are trading at eye-popping premiums
🤔 37:15 Why Dragonfly backed TLGY but skipped other Bitcoin, ETH, or SOL plays
🏗️ 40:24 How the structure of these public vehicles shapes their value
🔄 47:39 What makes convertible debt different from SPACs or PIPEs
🧾 49:20 How investors should think about these new crypto treasury companies
📊 55:43 How Wall Street is being pitched on Ethena and USDE
💥 59:16 Whether this trend is legit or just another bubble waiting to pop
Congrats to our partners at @EthenaFndtn and @ethena on $10,000,000,000!!
As some of you may know, we didn’t embark on this journey to build @stablecoin_x, a Digital Asset Treasury (“DAT”), just because others were doing it. We announced our LOI with Ethena in early April, well before DATs were even a thing!
Instead, we took our time to find the right partner to create a blueprint for how we believe DATs and Foundations should work together going forward.
And from the get go, we knew we found the right partner in Ethena: a great team that has successfully scaled a product that has found market fit in a sector about to achieve a multi-decade hockey stick growth opportunity.
Our timing couldn’t have been more perfect. We’ve brought to the public the first alternative to Circle $CRCL, allowing investors to express a view on the upcoming stablecoin supercycle. Owning $TLGYF gives shareholders exposure to the issuer of the third-largest digital dollar, and the largest one that generates native yield.*
It’s clear we made the right choice:
- $ENA: +147% since our April 9th LOI
- $USDE circulation: +103% since LOI
- Unrealized $TLGYF gain on $ENA: ~$970m*
- Unrealized multiple of invested capital (MOIC) for our PIPE investors: ~3.6x*
- Valuation: At current $ENA price of ~$0.78 and a 1.0x mNAV, @stablecoin_x is poised to be a $1.3b public company*
And in that short time period, Ethena continues to execute:
- $10b USDe circulating supply in less that 500 days
- Together with Anchorage Digital @Anchorage, bringing USDtb in the U.S. as the 1st GENIUS complaint stablecoin
- Listing $ENA on Upbit @upbitglobal, the largest South Korean exchange
- Partnership with @ton_blockchain to bring USDe to Telegram’s 1b+ global user base
- With plenty more to come!
With all that has been accomplished in this short time period, we’re still in the early infancy of the stablecoin supercycle. LFG!!
* Subject to transaction closing
Risk disclaimer: bit.ly/4lrezcL
TLGY Acquisition Corp retweeted
It is now obvious that the growth of digital dollars and stablecoins is not only the most important story in crypto, but all of finance.
There are hundreds of billions in latent TradFi demand for crypto exposure, but this demand is primarily focused on a narrow subset of themes:
BTC, ETH & stablecoins.
The launch of StablecoinX will provide the first pure play exposure for equity investors to the fastest growing company in the most important thematic trend in crypto: digital dollars upgrading money into the internet era and eating all of finance in the process.
TLGY Acquisition Corp retweeted
TLGY announces that it has reached a definitive agreement to complete a business combination and secured $360 million in commited PIPE financing to form StablecoinX, a stablecoin-focused Ethena treasury company
StablecoinX is expected to be the first pureplay treasury company in the stablecoin vertical and will seek to be listed on Nasdaq under the ticker “USDE"
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.
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