Why Arthur Hayes Is So Bullish on Ethena’s $360M SPAC Deal

• Crypto heavyweight Arthur Hayes is strongly bullish on Ethena’s plan to go public via a SPAC deal
• He is praising the deal’s structure, which includes a massive $260 million open-market ENA buyback
• His public support is backed by his own recent purchases of 4.2 million ENA for about $1.5 million

Arthur Hayes, a prominent figure in the crypto space, is expressing strong bullish sentiment towards Ethena Labs’ new plan to go public through a $360 million deal for a new entity, StablecoinX Inc. 

StablecoinX is being formed through a SPAC merger with TLGY Acquisition Corp. and is backed by a $360 million private investment in public equity (PIPE). This PIPE deal includes $260 million in cash and $100 million in discounted Ethena (ENA) tokens.

Once the deal closes in the fourth quarter of 2025, StablecoinX will list on the Nasdaq exchange under the ticker USDE. It will become the first publicly traded treasury company focused solely on ENA, the native token of the Ethena protocol.

A $260 million ENA buyback is built into the deal

According to reports, the Ethena Foundation will use the full $260 million in cash from the PIPE deal to purchase ENA tokens on the open market. This massive buyback, representing about 8% of the circulating supply, is expected to occur at a rate of roughly $5 million per day over a six-week period.

It’s also worth noting that the governance controls include the Ethena Foundation retaining veto power over any token sales and a joint investment committee overseeing treasury moves.

Arthur Hayes shared a rather optimistic view (with profanity) regarding the announcement, which might not be surprising considering he purchased 4.2 million ENA tokens recently. Hayes spent roughly $1.5 million across Binance, Wintermute, and Galaxy Digital, showing a clear financial statement in favor of Ethena’s potential.

ENA’s momentum

This news comes as ENA has already surged over 110% year-to-date, with heavy whale accumulation. Meanwhile, Ethena’s USDe stablecoin has topped a $6 billion supply and offers high DeFi yields, above 10% currently.

The token ENA rose by over 50% in the last 7 days, and its current price is above $0.50.

The StablecoinX announcement is notable because it can give public-market investors a transparent way to participate in a protocol that’s among the top three issuers of on-chain digital dollars, behind Tether and Circle.

On the other hand, ENA accumulation suggests trust in synthetic stablecoins that don’t rely on traditional banking, which could potentially reshape liquidity and collateral frameworks in DeFi.

Either way, with price momentum, whale support, and growing TVL/yield signals, this move may lay a solid foundation for possible DeFi mainstreaming in the years ahead.