Altcoin Crypto Returns Spur a Shift in Strategy to Stocks: A New $4 Billion Plan
Ethena plans to open leveraged stock trading to diversify the revenue from its approximately $4 billion USDe.
Weakened revenue from crypto trades has pushed Ethena to look for new opportunities for USDe. According to the plan reported by CoinDesk, the company wants to expand its not-yet-implemented strategy into leverage-based trades based on stocks. Total open positions in this market rose to $6.2 billion from under $1 billion in March.
In Ethena’s current model, a futures position is opened in the opposite direction for the same asset when an asset is purchased. Regular payments between positions also provide income to USDe. The company now aims to use a similar structure in leveraged stock contracts that do not have a set maturity date.
The stock trading ratio triples Bitcoin
According to Ethena data, the median payout ratio in leveraged stock trades stands at 13.9%. For Bitcoin, the same ratio remains at 3.9%. Average ratios in recent months were calculated as approximately 14% on Hyperliquid and 17.5% on Binance.
While the Bitcoin-side ratio averaged 11% in 2024, it fell to 4.9% in 2025 and to 2.2% by August 11 this year. This decline accelerated Ethena’s efforts to move its revenue sources beyond crypto trading.
The new plan came at a time when USDe supply fell from a peak of around $15 billion to below $5 billion. Ethena expects to announce its first exchange partners and the platforms where the strategy will be used in the coming weeks.
Stay tuned for new developments.
$BTC
$ETHFI
$ETH
Ethena plans to open leveraged stock trading to diversify the revenue from its approximately $4 billion USDe.
Weakened revenue from crypto trades has pushed Ethena to look for new opportunities for USDe. According to the plan reported by CoinDesk, the company wants to expand its not-yet-implemented strategy into leverage-based trades based on stocks. Total open positions in this market rose to $6.2 billion from under $1 billion in March.
In Ethena’s current model, a futures position is opened in the opposite direction for the same asset when an asset is purchased. Regular payments between positions also provide income to USDe. The company now aims to use a similar structure in leveraged stock contracts that do not have a set maturity date.
The stock trading ratio triples Bitcoin
According to Ethena data, the median payout ratio in leveraged stock trades stands at 13.9%. For Bitcoin, the same ratio remains at 3.9%. Average ratios in recent months were calculated as approximately 14% on Hyperliquid and 17.5% on Binance.
While the Bitcoin-side ratio averaged 11% in 2024, it fell to 4.9% in 2025 and to 2.2% by August 11 this year. This decline accelerated Ethena’s efforts to move its revenue sources beyond crypto trading.
The new plan came at a time when USDe supply fell from a peak of around $15 billion to below $5 billion. Ethena expects to announce its first exchange partners and the platforms where the strategy will be used in the coming weeks.
Stay tuned for new developments.
$BTC
$ETHFI
$ETH