Ethena OpCo agreed to sell 914,341,825.83 ENA tokens to StablecoinX Assets Inc. (acting as administrative agent for PIPE Subscribers) at US$0.29 per token, for a total of US$265,159,129.49, subject to a 48-month contractual lock-up (25% unlock on the 12-month anniversary of Completion, then 36 equal monthly installments thereafter). The Sale Tokens are to be deposited into a custodial account at Anchorage Digital Bank N.A. for the benefit of the PIPE Subscribers.
Ethena sold 1,231,887,037.76 ENA tokens to StablecoinX/Pipe Subscribers at $0.21056 per token, for a total of $259,386,134.67, with a 48-month lock-up (25% unlock after 12 months, then linear monthly over next 36 months).