TLGY follows Michael Saylor’s playbook with crypto treasury bet on ENA

TLGY Acquisition Corp. is building a public company just to hold crypto, and they’re doing it Michael Saylor-style.

According to Bloomberg, the blank check firm is merging with a smaller business to create StablecoinX, a company whose only real mission is reportedly to buy and hold ENA, the governance token for Ethena.

TLGY is putting that money to work by piling into ENA. They’ve secured $260 million in cash and another $100 million worth of ENA at a discount. That discounted stash came from the Ethena Foundation and from crypto investors including Pantera Capital, ParaFi Capital, and Galaxy Digital. The announcement dropped on Monday, and within hours, TLGY’s stock price exploded by as much as 54%.

Ethena partnership locks StablecoinX into token ecosystem

Ethena isn’t some standard stablecoin protocol. The project issues USDe, a synthetic dollar that doesn’t use treasury bills like USDC or USDT. Instead, it holds stETH, a tokenized version of staked Ether.

The goal is to peg USDe’s price through a basis trade strategy, the same one hedge funds use; earning on the spread between spot and futures prices. In crypto, it’s called the cash-and-carry trade, and it’s been printing returns lately as bullish funding rates shoot up.

This is exactly the structure StablecoinX is designed to bet on. They’re betting on one token, one protocol, and one structure to deliver long-term returns. TLGY also confirmed it signed a five-year agreement with the Ethena Foundation to join future ENA offerings, so they’re not holding, they’re staying in the ecosystem for the long run.

Ethena has a strategic relationship with World Liberty Financial, a crypto firm that’s connected to President Donald Trump’s family. The alignment gives StablecoinX a foot inside the growing intersection of crypto and U.S. politics, something that’s gotten more relevant as Congress moves forward on crypto legislation.

Young Cho, the CEO of TLGY, called the decision a “deliberate, multi-year capital allocation strategy that will enable StablecoinX to capture the value driven by the secular surge in demand for digital dollars while compounding intrinsic value per share.”

Despite the market cap of ENA dropping from earlier highs, it still sits over $3 billion. The transaction is set to close in the fourth quarter of 2025. After that, StablecoinX plans to list on the Nasdaq under the ticker USDE, tying the company’s entire public identity to Ethena’s stablecoin product.