ENA Buyout Sparks Price Surge Ahead of Potential Buyback Vote

Ethena's (ENA) price surge accelerated after its Foundation announced a buyout of early investors who sold their tokens after the October 2025 peak. The move comes as ENA nears a 100% rally in just over two months.

The Ethena Foundation spent the past two weeks buying locked tokens directly from these investors, who originally held more than 0.25% of ENA's supply each.

This deal effectively removes the pressure on ENA's price caused by early investor token unlocks, which had been releasing 171.88 million tokens in August alone.

The Foundation also announced a governance vote to send protocol revenue into ENA purchases once USDe circulating supply reaches $7.5 billion. This will trigger buybacks, with 95% of net revenue funding the purchases.