StablecoinX SPAC Listing Raises $360M, ENA Surges 130%
StablecoinX has completed a $360 million SPAC merger with TLGY Acquisition Corp and will list on Nasdaq under the ticker USDE. As a pure-play crypto treasury company, StablecoinX will use $260 million in cash to buy $5 million of ENA tokens daily over six weeks, aiming to secure about 8% of the total supply. The project is backed by a $60 million ENA commitment from the Ethena Foundation alongside investments from Pantera Capital, Dragonfly, Galaxy and Polychain.
After the SPAC announcement, ENA surged over 130%, breaking resistance at $0.42 and $0.55 to hit an intraday high of $0.6056. Analysts set technical targets at $0.91 and $1.52, though failure to hold $0.55 could trigger a retracement to $0.20. With 6.35 billion ENA circulating, a $3.38 billion market cap, $6.36 billion TVL and $1.5 billion daily volume, the Nasdaq listing and solid fundamentals point to bullish momentum for ENA in both the short and long term.
Bullish
The SPAC merger and $360 million capital raise for StablecoinX establish a robust financial foundation and clear strategy for accumulating a significant share of ENA tokens. This institutional backing and structured treasury plan have driven immediate market enthusiasm, evidenced by a 130% price surge. In the short term, technical breakouts above key resistance levels around $0.55 support further upside toward $0.91 and $1.52. Over the long term, the Nasdaq listing and stablecoin-focused treasury model enhance investor confidence and liquidity in ENA, underpinning sustained bullish momentum. However, traders should monitor the $0.55 support level as a critical pivot, since its breach could trigger profit-taking or a pullback.