February 24, 2025
Ethena has secured $100 million in fresh capital to advance its expansion into institutional finance. The funding round, finalized in December, attracted major investors such as Franklin Templeton and F-Prime Capital, the venture arm connected to Fidelity Investments. Additional participants included Dragonfly Capital, Polychain Capital, and Pantera Capital. The investment was structured through the sale of Ethena’s governance token, ENA, at an average price of under $0.40 per token, according to sources familiar with the matter.
The company operates two digital assets: ENA, which provides governance rights, and USDe, a synthetic dollar-pegged token that has experienced rapid growth. USDe’s circulating supply has surged to nearly $6 billion, driven by a yield-generating strategy based on basis trading, which capitalizes on differences between spot and futures markets. While this approach has delivered high returns during favorable market conditions, analysts have pointed to potential risks in periods of declining crypto prices. Ethena is also working on iUSDe, a version of its stablecoin designed for traditional financial institutions, incorporating compliance-focused transfer restrictions.
Proceeds from the funding will support the company’s institutional initiatives and the development of its blockchain. Ethena has positioned itself at the intersection of crypto and traditional finance, aiming to offer structured digital asset solutions that integrate with existing financial systems.
About Ethena
Ethena is a digital asset platform focused on stablecoin solutions and yield strategies. It operates USDe, a synthetic dollar-backed token, and ENA, a governance asset within its ecosystem. The company is also developing iUSDe, a version of its stablecoin tailored for institutional use.
Website: https://ethena.fi/
X: @ethena_labs
About Investors
Franklin Templeton
Franklin Templeton is a global investment management firm based in San Mateo, California. It provides asset management services across multiple sectors, including equities, fixed income, and alternative investments.
Location: San Mateo, CA
Website: https://www.franklintempleton.com/
F-Prime Capital
F-Prime Capital is a venture capital firm affiliated with Fidelity Investments. Headquartered in the United States, it focuses on investments in financial technology, healthcare, and enterprise technology companies.
Location: Cambridge, MA
Website: https://fprimecapital.com/ A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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