Key Points
- Ethena’s fundraising was completed in December, drawing investors including Franklin Templeton and VCs.
- Ethena’s USDe reached $6 billion in market value.
Accoridng to the latest reports from Bloomberg, Ethena raised $100 million to fund a finance foray. The fundraising will reportedly help fund the introduction of a similar token aimed at traditional financial institutions.
Ethena is a synthetic dollar protocol built on Ethereum that provides a crypto-native solution for money not reliant on traditional banking systems.
Ethena Secured a $100 Million Funding Round In December 2024
Bloomberg reported that Ethena’s $100 million fundraising round which was previously not disclosed was completed in December last year.
Citing a source familiar with the matter, the publication said that the fundraising drew investors including Franklin Templeton asset manager, and F-Prime Capital, a venture capital firm affiliated with Fidelity Investments.
Also, Dragonfly Capital Partners, Polychain Capital LP, and Pantera Capital Management LP, are three of the biggest crypto venture capital funds participating in the founding round.
A foundation supporting the project had sold ENA tokens to investors at an average price of under 40 US cents, according to the same source.
Bloomberg noted that Ethena did not comment on the token sale.
Ethena runs two digital assets:
- ENA, the so-called governance token that gives owners to right to vote in the project
- USDe, the project’s synthetic dollar
USDe’s Circulation Reached $6 Billion
Bloomberg also noted that USDe which currently offers holders a yield of 9% saw its circulation reach $6 billion, according to CoinGecko.
Also, the recent surge in crypto prices in 2025 allowed Ethena to offer returns that reached 60% at one point.
USDe is classified as a stablecoin by CoinMarketCap and CoinGecko.
ENA’s price topped $1.67 on December 16, but is now trading at around $0.42, having a market cap of $1.31 billion.
During the past month, ENA is down by around 50%.
On December 18, Ethena Labs announced a strategic partnership with World Liberty Financial – the Trump family crypto project.
Ethena Announced WLFI Partnership in December
In its X announcement, the team at Ethena revealed that a governance proposal had been submitted to add sUSDe to WLFI’s Aave instance as a collateral asset.
Ethena’s connections include important financial backers as revealed above, including the Trump family project, a collaboration that was set to capitalize on sUSDe’s rapid growth and reputation as a stable and efficient asset for borrowing and lending activities.
It’s also worth noting that Ethena recently showed support for Bybit following their latest $4.5 billion hack.
