ENA token rises 10% as Ethena proposes revenue‑funded buybacks

The native token of the synthetic dollar protocol Ethena (ENA) posted double‑digit gains after the Ethena Foundation announced four ecosystem changes, including a revenue‑funded token buyback proposal and the acquisition of locked tokens from early investors.

Fee‑switch proposal and voting

The foundation opened a vote on a fee‑switch that would allocate 95% of net revenue from Ethena’s core business lines to purchase ENA once the circulating supply of USDe reaches $7.5 billion. Token holders have until September 2 to vote. As of the latest snapshot, 65 votes representing roughly 14.4 million ENA were cast, all in favor.

Market reaction

Following the announcement, ENA rose 10.7% over 24 hours and gained 27% over the past week, trading above $0.17 at 08:11 UTC on Friday, according to CoinGecko data.

Investor token buyout

The foundation disclosed that it bought locked ENA from several major seed investors who had sold portions of their holdings over the previous nine months. It also reached an agreement with lead investors to release remaining unvested allocations on October 5, accelerating the unlock schedule while keeping team token vesting unchanged.

USDe stablecoin context

Ethena’s synthetic dollar, USDe, is the sixth‑largest stablecoin by market cap, valued at about $4 billion on DefiLlama.

Recent strategic investment

In September 2025, M2 Capital, the investment arm of UAE‑based M2 Holdings, invested $20 million in ENA, adding to its portfolio that includes a prior stake in the Sui Foundation.