StablecoinX and TLGY Acquisition have secured an additional $530 million in financing to buy digital assets, bringing total commitments to $890 million ahead of a planned merger and Nasdaq listing.

The combined company, to be renamed StablecoinX Inc., is set to hold more than 3 billion ENA, the native token of the Ethena protocol. According to the company, it will be the first dedicated treasury business for the Ethena ecosystem, which issues the USDe and USDtb stablecoins.

The capital was raised through a private investment in public equity (PIPE) transaction, which allows public companies to raise capital by selling discounted shares to institutional investors.

New investors in the company include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, as well as returning backers Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana and Haun Ventures. 

The PIPE deal was priced at $10 per share, with part of the proceeds allocated to discounted locked ENA purchased from a foundation subsidiary.

“The additional funding strengthens ecosystem resilience, deepens ENA liquidity, and supports the sustainable growth of USDe, USDtb, and future Ethena products,” Marc Piano, director at the Ethena Foundation, said in a statement.

The announcement follows a July 21 disclosure that outlined TLGY and StablecoinX’s proposed merger, an initial $360 million PIPE financing, and a $260 million ENA buyback program.

Related: Race for global stablecoin rails heats up with Stripe, Fireblocks launches 

Ethena stablecoin is setting records

Launched in early 2024 by Ethena Labs, the Ethena protocol issues synthetic dollar stablecoins such as USDe and USDtb, which are backed by a delta-neutral hedging model rather than traditional reserves.

The project is overseen by the Switzerland-based Ethena Foundation, which is responsible for governance and ecosystem development.

According to Binance Research’s September report, USDe became the fastest stablecoin to surpass $10 billion in supply, reaching $12.6 billion as of September. The report noted that the milestone came in under ten months, compared with about 88 months for Tether’s USDT and 38 months for Circle’s USDC. 

Token Terminal data shows USDe supply has grown 31% in the past month, making Ethena the third-largest stablecoin issuer behind Tether and Circle.

Ethena has also generated over $500 million in cumulative revenue as of August, recently exceeding $13 million in weekly protocol earnings.

Binance Research attributed the increase to higher demand for USDe and returns from the project’s hedging model, which captures yield from crypto markets to maintain the stablecoin’s peg.

It also noted that Ethena’s fiat-backed stablecoin, USDtb, is being developed with a pathway to compliance under the recently enacted US GENIUS Act, which US President Donald Trump signed into law on July 18.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears

]]> https://earlybirdsinvest.com/stablecoinx-expands-financing-to-890m-for-ethenas-ena-treasury/feed/ 0 56967 https://earlybirdsinvest.com/sol-nasdaq-listed-firm-secures-200m-in-financing-with-over-150m-tied-to-solana-treasury-strategy/ https://earlybirdsinvest.com/sol-nasdaq-listed-firm-secures-200m-in-financing-with-over-150m-tied-to-solana-treasury-strategy/#respond Fri, 11 Jul 2025 17:08:44 +0000 https://earlybirdsinvest.com/sol-nasdaq-listed-firm-secures-200m-in-financing-with-over-150m-tied-to-solana-treasury-strategy/

At the time of writing, solana

is trading at around $166.28, up 6.23% in the past 24-hour period, according to CoinDesk Research’s technical analysis model.

Upexi (UPXI), a Tampa-based consumer brands company listed on Nasdaq, announced Friday it has secured approximately $200 million in new financing through a combination of equity and convertible note offerings. A portion of the proceeds will support Upexi’s existing operations, while the rest will be used to grow its cryptocurrency treasury, with a specific focus on Solana

.

As part of the equity component, Upexi raised $50 million from accredited and institutional investors, including its CEO Allan Marshall. Shares were sold at $4.00 each, with management purchasing at a premium of $4.94. The company said the equity deal is expected to close around July 14.

Separately, Upexi entered into agreements to issue $150 million in convertible notes to institutional investors. The notes are backed by SOL as collateral and carry a 2% annual interest rate. They are convertible into Upexi stock at a fixed price of $4.25 per share and mature in 24 months. The notes are expected to close around July 16, at which point the associated SOL will be added to the company’s holdings.

In a June 26 press release, Upexi disclosed that it held 735,692 SOL as of June 24, an 8% increase from the 679,677 SOL reported on May 28. Upon closing of the new financing, Upexi expects to more than double its current SOL position.

The offerings were conducted privately and are not registered with the SEC.

Technical Analysis

• SOL demonstrated exceptional resilience throughout the preceding 24-hour period from 10 July 15:00 to 11 July 14:00, progressing from $156.45 to $166.65, constituting a substantial 6.52% appreciation with an aggregate trading range of $10.99 extending from $155.78 to $166.76.
• The price dynamics unveiled distinctive accumulation sequences with considerable volume-backed support materialising at $160.31 during the 21:00 hour advancement, where extraordinary volume of 3.23 million substantially surpassed the 24-hour mean of 1.34 million, corroborating institutional capital deployment.
• Pivotal resistance emerged proximate to $165.30, subjected to multiple examinations between 22:00 and 03:00, whilst the conclusive breakthrough above $166.00 transpired with amplified volume of 2.26 million, intimating persistent bullish conviction.
• The technical architecture suggests SOL has consolidated a superior trading corridor with robust volume validation, establishing foundations for prospective advancement towards the $170.00 psychological threshold.
• Throughout the concluding 60-minute interval from 11 July 13:05 to 14:04, SOL encountered considerable volatility whilst preserving its overarching bullish disposition, oscillating within a $2.90 bandwidth from $164.24 to $166.76 and settling at $165.87, representing a marginal 0.44% contraction from the hour’s commencement at $165.92.
• The period manifested quintessential consolidation attributes encompassing two discrete phases: an initial retreat to $164.28 circa 13:33 accompanied by intensified distribution pressure of 45,017 volume, succeeded by a vigorous recovery commencing at 13:48 where volume escalated to 81,740 during the ascent towards $166.76, validating renewed accumulation interest.
• Fundamental support crystallised near $164.30 with multiple successful examinations, whilst resistance materialised around $166.50-$166.75, establishing a well-delineated trading corridor that suggests constructive price discovery following the antecedent 24-hour advance, positioning SOL for potential continuation of its broader upward trajectory upon completion of this consolidation phase.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Cantor Fitzgerald, a global financial services firm specializing in investment banking, is announcing the launch of a business aimed at providing leverage to institutional Bitcoin (BTC) investors.

According to a new press release, the firm’s new Bitcoin Financing Business has performed its first transactions successfully.

Cantor’s Bitcoin Financing Business anticipates making $2 billion in financing available in its introductory phase to provide leverage to institutional BTC investors.

Says Cantor Fitzgerald Chairman Brandon Lutnick of the new business venture,

“Early on, Cantor recognized the transformative impact digital asset financial services would have on the global economy.

This achievement highlights how the combination of Cantor’s deep expertise and entrepreneurial spirit creates a distinct advantage on Wall Street and further solidifies our position as a leading investment bank for crypto and digital asset clients.”

Cantor has partnered with Anchorage Digital and Copper.co as digital asset custodians on the business venture.

Comments Cantor’s Co-Chief Executive Officer and Global Head of Fixed Income, Christian Wall,

“These transactions mark a milestone for Cantor and the traditional finance industry, and demonstrate how innovative institutional expertise can unlock capital and deliver sophisticated financing solutions for institutional Bitcoin investors.

Institutions holding Bitcoin are looking to broaden their access to diverse funding sources, and we are excited to support their liquidity needs to help them drive long-term growth and success.”

Institutional investors poured $2.9 billion into Bitcoin products last week alone, according to CoinShares.

BTC is worth $110,253 at time of writing, up 5% in the last week.

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