Arthur Hayes Boosts ENA Holdings Amid Token Surge

Arthur Hayes, co-founder of BitMEX, has made significant investments in the Ethena (ENA) token, signaling strong confidence in its future. Hayes recently purchased millions of ENA tokens at prices ranging from $0.73 to $0.82, with his total holdings reaching over 4 million tokens, valued at several million dollars. This activity coincides with Ethena's growing ecosystem, including the launch of the USDe synthetic dollar token, which has nearly $13 billion in valuation and was recently listed on Binance, enabling new trading pairs and withdrawals. The introduction of a fee switch mechanism is expected to share protocol revenues directly with ENA holders, potentially unlocking up to $500 million in buybacks, supported by Ethena's substantial revenue generation exceeding $54 million in August alone. Hayes predicts the token could hit $1.50 soon, and his accumulation aligns with increased institutional interest and a possible short-term rally for ENA amid broader crypto market dynamics. These developments highlight Ethena's expanding role in the stablecoin issuance space and growing appeal among investors, driven by its innovative synthetic dollar protocol.