TLGY and StablecoinX raise additional $530 million in PIPE financing

TLGY Acquisition Corp. (OTC: TLGYF) and StablecoinX Assets Inc. announced an additional $530 million in private investment in public equity financing for their proposed business combination. The additional funding brings total committed PIPE financing to $890 million.

The combined company, to be named StablecoinX Inc. upon closing, expects to hold over 3 billion ENA tokens at the transaction's completion. The business combination agreement was initially announced on July 21, 2025, with an initial $360 million PIPE financing.

Participants in the additional PIPE include YZi Labs, Brevan Howard, Susquehanna Crypto, and IMC Trading, along with previous investors including Dragonfly, ParaFi Capital, Maven11, Kingsway, Mirana, and Haun Ventures. The additional PIPE was priced at $10 per share.

A portion of the net cash proceeds will be used to acquire discounted locked ENA tokens from a subsidiary of the Ethena Foundation as part of a multi-year collaboration agreement.

The Ethena Foundation announced it will initiate a follow-on $310 million token buyback program, adding to an initial $260 million program for total announced buybacks of $570 million. The foundation plans to use cash proceeds from the locked ENA token sale to purchase ENA across public markets via intermediary market makers.

StablecoinX Assets has formed a Strategic Advisory Board chaired by Rob Hadick, General Partner at Dragonfly. The board will provide strategic counsel as the company develops its multi-year ENA treasury strategy and scales validator and infrastructure services supporting the Ethena ecosystem.

The transaction is expected to close in Q4 2025, subject to shareholder approval and other closing conditions. StablecoinX's Class A common shares are expected to be listed on Nasdaq under the ticker symbol "USDE" at closing.

Young Cho serves as CEO of both TLGY and SC Assets. The combined company is described as the first pure-play treasury company in the Ethena stablecoin vertical.

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