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.

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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.

Alexander Stefanov