ENA Unlock: 1.4 Billion Tokens to Hit Markets on October 5

On October 5, 2026, Ethena Foundation will release all remaining locked tokens held by original investors at once. This move marks a significant change from the monthly schedule that had been in place since launch, ending roughly 17 months ahead of plan.

The total number of tokens to be released has not been officially stated, but an independent analysis by Unlocks estimates around 1.41 billion ENA will become transferable. This represents approximately 14% of the circulating supply, which ranges from 9.8 to 10.1 billion tokens depending on the data provider.

The change in release schedule means that instead of a predictable and spread-out selling pressure, the entire risk will concentrate on one date: October 5, 2026. This shift also changes the arithmetic for anyone holding ENA or considering purchasing it, as the dynamics of supply and demand are altered.