"Ethena (ENA) to buy back $260 million worth over 6 weeks"

A subsidiary of the Ethena (ENA) Foundation is set to carry out a massive token buyback.

On the 21st (local time), Ethena Labs announced on its official X (formerly Twitter), "Stablecoin X will purchase and hold locked ENA from the Ethena Foundation's subsidiary," adding, "To fund the token purchase, the subsidiary will conduct a buyback of $260 million worth of tokens on the open market starting today."

According to the Foundation's statement, the Ethena buyback will run for six weeks starting today, with approximately $5 million in purchases per day. The $260 million ENA, based on prices at the time of announcement, corresponds to 8% of total circulating supply. Additionally, the Ethena Foundation reportedly has veto power if Stablecoin X intends to sell its ENA holdings in the future.

Ethena Labs clarified, "We prioritize the company's reserves. There will be no selling," and added, "If Stablecoin X wishes to further increase its ENA reserves in the future, additional spot purchases will be made on the open market."