Ethena Secures Major Investment to Build New Blockchain and iUSDe

Ethena Foundation has raised $100 million in a private token sale, finalized in December but only now surfacing.

The sale attracted heavyweight investors, including Franklin Templeton, Polychain, Pantera, Dragonfly, and F-Prime, with ENA tokens selling at an average of just under $0.40. Since then, ENA’s value has slipped from its December high of $1.27 to its current price of $0.42.

The capital injection is set to drive Ethena’s expansion, funding the development of a dedicated blockchain and the introduction of its institutional-grade product, iUSDe.

A portion of the funds was also used to buy back tokens from early investors to adjust valuation metrics. Bloomberg was the first to report the sale.

Ethena’s USDe stablecoin has grown into the fourth-largest in circulation, reaching a supply of $5.9 billion. With iUSDe, the project aims to bridge its staking-based model to traditional finance, catering to asset managers, ETFs, and private credit markets.

The token operates similarly to sUSDe but includes built-in compliance features to meet regulatory standards.

Earlier this year, Ethena Labs secured $14 million in a strategic funding round led by Dragonfly and Maelstrom, the family office of BitMEX founder Arthur Hayes, valuing the firm at $300 million.