Ethena Foundation Proposes ENA Buybacks and Unlock Restructuring
Ethena Foundation outlines revenue-linked ENA purchases, investor token restructuring, and IP framework changes subject to governance vote.
Ethena Foundation has proposed directing up to 95% of net revenue from USDe savings products, white-label stablecoin operations, and the upcoming Ethena X business toward open-market ENA purchases once specified USDe supply thresholds are reached. The remaining 5% would fund growth initiatives. Activation requires a governance vote on the fee switch.
The foundation completed OTC purchases of all remaining locked tokens from qualifying seed investors who originally held more than 0.25% of supply and who sold ENA after the October 10 2025 peak. Investors who had not sold received an offer to sell back at original purchase price; none accepted. Remaining investor tokens will now become available on a single date of October 5 rather than through monthly unlocks. Team allocations keep their existing vesting schedules. Approximately 12% of ENA supply stays locked after the changes, with StablecoinX's roughly 20% stake under separate lockup.
A proposed Master Framework Agreement would assign or exclusively license core protocol intellectual property to the Ethena Foundation and route economic benefits, including future sale proceeds, primarily to the foundation and ecosystem rather than Ethena Labs equity holders. Exact quantities acquired and transaction values were not disclosed. Revenue thresholds, timing, and whether any non-selling investors accepted buyback offers remain subject to the vote outcome.