StablecoinX Inc., a pioneering company providing investors exposure to the Ethena protocol’s stable-value token ENA, announced today its plan to go public on Nasdaq through a special purpose acquisition company (SPAC) merger with TLGY Acquisition Corp. The transaction will raise $360 million to build a robust treasury of ENA stablecoins, marking a significant milestone in the growing trend of crypto-focused treasury strategies.
Under the definitive agreement, TLGY Acquisition Corp. will combine with StablecoinX Assets Inc., a newly-formed validator and infrastructure business supporting the Ethena ecosystem. The newly merged company, StablecoinX Inc., will trade publicly on Nasdaq and offer shareholders direct access to ENA by holding a substantial position in the token.
The $360 million capital raise includes a $60 million contribution from the Ethena Foundation alongside investments from prominent crypto venture firms such as Dragonfly, Haun Ventures, Pantera Capital, and Galaxy Digital. This substantial treasury fund aims to support a multi-year capital allocation strategy to accumulate ENA at scale.
Young Cho, CEO of TLGY and StablecoinX Assets, said, “This transaction gives public market investors transparent, well-governed access to the Ethena ecosystem. By deploying capital strategically, StablecoinX is positioned to capture significant value from the increasing demand for digital dollars while compounding intrinsic value per share.”
StablecoinX Inc. will also operate network infrastructure and staking services tied to the Ethena protocol, further embedding itself in the blockchain validation process. The ENA stablecoin is designed as a “synthetic dollar,” fully backed and maintaining stable value through automated hedging mechanisms on crypto assets held in reserve.
The SPAC structure offers an alternative to traditional IPOs by merging an operating company with an already-listed public shell, expediting the public listing process for StablecoinX.
The deal was led by legal teams from Perkins Coie LLP representing TLGY and Edelman Legal Advisory PLLC advising StablecoinX Assets.
StablecoinX’s public listing joins a wave of companies embracing crypto treasury strategies, including The Ether Machine’s $1.5 billion Ethereum-focused fund launch and Profusa Inc.’s $100 million bitcoin treasury initiative, reflecting a broader shift in capital markets toward digital asset adoption.
