BitMEX founder Arthur Hayes buys more ENA, predicts breakthrough prospects

Arthur Hayes – co-founder of BitMEX and currently the Chief Investment Officer of Maelstrom Fund – continues to aggressively accumulate Ethena token (ENA). Not only stopping at buying, he also made an optimistic forecast about the price prospects of ENA, based on technical signals indicating a positive trend.

At the same time, StablecoinX announced a successful fundraising of an additional 530 million USD to enhance its ENA accumulation strategy. The combination of these moves quickly ignited bullish sentiment, helping the price of ENA surge by about 10% in just one day, thereby reflecting the increasingly solid confidence from the market.

Arthur Hayes expands portfolio with ENA

According to data from Lookonchain, in just the past 8 hours, Arthur Hayes spent 1.02 million USDC to purchase an additional 1.34 million ENA, increasing his total holdings to 4.45 million ENA, equivalent to approximately 3.48 million USD.

ENA is the governance token of the Ethena protocol - a project focused on building a “synthetic USD” ecosystem. This strong investment shows Hayes' firm belief in the long-term potential of Ethena.

Previously, he bought 3.1 million ENA for approximately 2.48 million USD. In just the last 5 days, Hayes has continuously accumulated ENA along with a series of tokens from the Ethereum ecosystem such as LDO, PENDLE, HYPE, and ETHFI.

Specifically, he added 1,750 ETH (, 43 million USD), 58,631 HYPE, 1.29 million LDO, and 184,610 PENDLE. This portfolio reflects a diversification strategy, focusing around Ethereum and DeFi tokens.

In fact, Hayes' journey to accumulate ENA began in 2024. In November of that year, he withdrew 10.36 million ENA (,49 million USD) from Binance, thereby temporarily locking in an estimated profit of around 1.14 million USD.

Can the price of ENA reach 1.5 USD?

In a new post on X, Arthur Hayes predicts that ENA could reach the milestone of 1.5 USD thanks to bullish technical signals.

According to him, the green doji candle on the chart has halted the downtrend, opening up the opportunity for a reversal. Hayes' continuous accumulation in the correction price range indicates that he is betting on a new bullish cycle, similar to the strategy he used when repurchasing ETH after previous profit-taking rounds.

In fact, ENA is showing a remarkable rebound: the price has increased by 9.94% in just 24 hours, raising the market capitalization to 5.77 billion USD. At the same time, the trading volume exploded by 135.27%, reflecting strong interest from both individual and institutional investors.

If this trend continues, the possibility of ENA reaching the threshold of 1.5 USD as predicted by Hayes is entirely justified.

StablecoinX raised 530 million USD to acquire ENA

In a notable development, Ethena Labs revealed that StablecoinX Inc. has raised an additional 530 million USD through the PIPE (Private Investment in Public Equity) funding round, bringing the total PIPE capital to 895 million USD. This investment aims to acquire over 3 billion ENA, thereby making StablecoinX one of the largest shareholders in the Ethena ecosystem.

At the same time, the Ethena Foundation, through its subsidiary, also announced plans to implement a buyback program for ENA worth 310 million USD in the next 6–8 weeks, to be carried out through third-party market makers.

The buyback mechanism will be flexibly adjusted according to price fluctuations: when ENA is above 0.70 USD, the fund will disburse 5 million USD per day; conversely, if the price is below 0.70 USD or decreases by more than 5% in 24 hours, this number will double to 10 million USD/day.

With the combination of PIPE funding and the buyback program, a total of approximately 13% of the circulating ENA supply will be absorbed, in addition to the 7.3% already accumulated in the first PIPE round.

In particular, the Ethena Foundation holds veto power over any plans to sell ENA from StablecoinX, thereby ensuring that the interests of the fund are always aligned with those of the shareholders of StablecoinX.

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