StablecoinX’s Form 8-K filings may become an important source of information for assessing the price of $ENA in the future
StablecoinX (ticker: $USDE ) will likely also announce any future plans to sell ENA as a material event via Form 8-K, similar in concept to MicroStrategy’s purchase of $BTC .
The investor token unlock on 10/5 also applies to tokens held by StablecoinX (which were originally subject to a 48-month lockup).
In other words, as many as 3.031 billion ENA (approximately 20% of the total supply) are now available for use.
However, according to the waiver letter signed by @Ethena Labs and StablecoinX, if StablecoinX wishes to sell, it must obtain approval from the Ethena Foundation before proceeding. Key details:
➤ StablecoinX may seek to sell tokens to meet operational needs or to support value-accretive initiatives for the Ethena ecosystem.
➤ StablecoinX must notify the Foundation five days in advance, providing details of the transaction, including the reason for the sale, the amount to be sold, the sale period, the minimum price, the executing party, and the counterparty.
➤ The Foundation has five business days to review the request and may choose to purchase all or part of the tokens first. If it neither responds nor objects, StablecoinX may proceed with the sale as notified.
*Note: The Foundation may object only in certain circumstances (such as an unreasonable use of proceeds, disruption to orderly markets, or illegality). If it objects, it must explain its reasons and negotiate in good faith.
In short, if StablecoinX sells tokens and the Foundation wishes to acquire them, its ENA would theoretically go to the Foundation first. This means the impact on the open market would not be direct.
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● The content above does not constitute investment advice. Readers should conduct their own independent research and make decisions based on their investment objectives and risk tolerance. Please participate in the investment market with caution.
● The attached image is from the SEC.
#StablecoinX #ENA #ethena #BStocks
StablecoinX (ticker: $USDE ) will likely also announce any future plans to sell ENA as a material event via Form 8-K, similar in concept to MicroStrategy’s purchase of $BTC .
The investor token unlock on 10/5 also applies to tokens held by StablecoinX (which were originally subject to a 48-month lockup).
In other words, as many as 3.031 billion ENA (approximately 20% of the total supply) are now available for use.
However, according to the waiver letter signed by @Ethena Labs and StablecoinX, if StablecoinX wishes to sell, it must obtain approval from the Ethena Foundation before proceeding. Key details:
➤ StablecoinX may seek to sell tokens to meet operational needs or to support value-accretive initiatives for the Ethena ecosystem.
➤ StablecoinX must notify the Foundation five days in advance, providing details of the transaction, including the reason for the sale, the amount to be sold, the sale period, the minimum price, the executing party, and the counterparty.
➤ The Foundation has five business days to review the request and may choose to purchase all or part of the tokens first. If it neither responds nor objects, StablecoinX may proceed with the sale as notified.
*Note: The Foundation may object only in certain circumstances (such as an unreasonable use of proceeds, disruption to orderly markets, or illegality). If it objects, it must explain its reasons and negotiate in good faith.
In short, if StablecoinX sells tokens and the Foundation wishes to acquire them, its ENA would theoretically go to the Foundation first. This means the impact on the open market would not be direct.
-
● The content above does not constitute investment advice. Readers should conduct their own independent research and make decisions based on their investment objectives and risk tolerance. Please participate in the investment market with caution.
● The attached image is from the SEC.
#StablecoinX #ENA #ethena #BStocks