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Arthur Hayes
Arthur Hayes, Co-Founder of BitMEX & CIO @Maelstromfund
Arthur Hayes reposted
Some takes on this new $ENA treasury vehicle:
- Obv good for ena price. They’re going to be market buying $5m/day starting now for 6 weeks.
- unlike other buybacks, when they end, the party doesn’t end because the vehicle still has to go live and can suck in capital in lots of ways.
- USDE is an amazing ticker and stablecoin x is a great name. Weird for the other vehicles like the eth and hyperliquid ones to be named after gaming / bio companies.
- tradfi has 0 ability to bid the stablecoin narrative and has instead sent circle to unreasonable valuations… if they catch on here it could do quite well
- Ethena has plenty of stuff waiting to launch… coupled with 8% of the circ supply being erased in the coming weeks, it could do well. They still need to activate the fee switch, ethereal hasn’t launched, and funding rates are ripping.
- Compared to the other tokens being strategically accumulated by these tradfi cos, ENA is low cap. Very interested to see what happens when it’s trading. If there’s a premium, how much of it can be captured, etc.
Note: dcf cap seeded ethena
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