Ethena Foundation buys out selling investors; proposal would dedicate 95% of net revenue to ENA buybacks
AI Market Summary
Ethena Foundation's buyout of locked tokens from selling investors and the acceleration of remaining investor unlocks reduces overhang uncertainty while leaving team vesting unchanged. A live governance vote proposing to route 95% of net revenue into programmatic ENA buybacks (post supply milestone) and to shift protocol IP/upside to the foundation is a material change in capital return and governance structure, driving a sharp positive repricing.
Impact level
● High
Affected assets
ENA/USDT+17.38%
AI Insight · ENA/USDTAI Insight
▲ Bullish
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The Ethena Foundation said it has acquired the locked tokens held by major investors who sold ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 after the October 2025 peak. It also plans to accelerate the remaining investor unlocks to Oct. 5, ending the monthly unlock schedule. Team tokens will continue to vest under the original timetable.
A governance vote now in progress would route 95% of net revenue to programmatic ENA buybacks once a ethereum:0x4c9edd5852cd905f086c759e8383e09bff1e68b3 supply milestone is reached. Under a framework expected in October, protocol intellectual property and future upside would accrue to the foundation rather than shareholders of the developer entity, @ethena Labs.
ENA rose 22.67% to $0.169 after the announcement.
