M2 Capital invests $20M in Ethena as TVL nears $15B
M2 Capital has invested $20 million in Ethena’s governance token ENA as the protocol’s TVL approaches $15 billion. The firm will integrate Ethena’s USDe and sUSDe synthetic dollar stablecoins into its regulated wealth services via M2 Global Wealth. Ethena’s delta-neutral hedging model has delivered up to 14% yields and generated over $666 million in fees over the past year, with Q3 2025 fees hitting $137.7 million. Institutional backers like YZi Labs and Sui Foundation have similarly boosted their stakes, supporting Ethena’s expansion on BNB Chain and other platforms. This strategic move underscores growing DeFi adoption and marks a key step in bringing synthetic dollar stablecoins to regulated markets.
Bullish
The $20M investment by M2 Capital and integration of USDe/sUSDe into regulated services signals strong institutional confidence in Ethena’s synthetic dollar model. This backing is likely to drive ENA demand, boosting short-term price momentum. Over the long term, expanded adoption through regulated wealth channels and partnerships on BNB Chain should underpin stable growth and broader market stability for ENA.