$ENA Poised as a High-Beta Stablecoin Play Amid Market Supercycle

The market for stablecoins is currently entering a supercycle, making $ENA an attractive high-beta play. Following a sevenfold increase in Circle's stock, attention now shifts to who might be the next mover in this space. Summary of SPAC structure: - TLGY Acquisition Corp combined with Ethena's infrastructure division. - Renamed Stablecoin X and listed on Nasdaq. - Out of $360 million, $260 million was used to purchase $ENA in cash, absorbing over 7% of the circulating supply. - $60 million is locked up as $ENA, included as 'permanent assets' on StablecoinX's financial statements, and is not tradable. Highlights of $ENA holdings and lock-up effects: - Large inflow of $260 million through $ENA purchases, impacting supply. - Lock-up and buybacks reduce circulating supply. Structural features of $ENA: - Based on a delta-neutral framework, enabling high scalability and high beta. - Rising as a high-beta trade within the stablecoin theme post-CRCL. - Growing interest from Korean investors possibly influenced by increased demand for overseas stocks driven by CRCL. Additional insights: - StableCoinX is the first Nasdaq-listed company to hold $ENA as a strategic asset. - Similar to MicroStrategy's Bitcoin approach, $ENA is held indirectly through a public company structure.