Stablecoin X Assets Inc. and TLGY Acquisition Corp. have announced they secured $530 million in new private investment in public equity (PIPE) financing, expanding their war chest to $890 million.

The raise comes as the firms prepare to merge and list on the Nasdaq under the StablecoinX name under the ticker “USDE.” The funds will support a long-term treasury strategy built around Ethena’s ENA token.

StablecoinX is expected to hold more than 3 billion ENA, the companies said, adding that the company is expected to be the first dedicated treasury vehicle for the stablecoin protocol.

Investors include Brevan Howard, Susquehanna Crypto, and IMC Trading, alongside repeat backers Dragonfly and ParaFi.

The Ethena Foundation is matching the effort with a fresh $310 million buyback program, bringing total announced purchases to $570 million. Proceeds will be used to acquire ENA on public markets.

To align their strategy with market structure, StablecoinX formed a new advisory board chaired by Rob Hadick of Dragonfly.

The board will focus on governance, partnerships, and long-term shareholder value as the company links public equity capital with Ethena’s token economy. The deal is slated to close in the fourth quarter.

Meanwhile, ArkStream Capital has announced it invested $10 million in Ethena Labs, building on an initial $5 million investment made late last year.