Ethena secures $100 million in funding round backed by Franklin Templeton, F-Prime Capital, and Dragonfly Capital

Ethena raised $100 million through a private sale of ENA tokens in December, with Franklin Templeton and F-Prime Capital among the investors, according to a Monday report from Bloomberg. Dragonfly Capital, Polychain Capital, and Pantera Capital also joined the funding round.

F-Prime Capital, formerly known as Fidelity Biosciences, is affiliated with FMR LLC, Fidelity Investments’ parent company, through Devonshire Investors.

The fundraising will support the development of a new token targeting traditional financial institutions. Ethena also plans to launch its own blockchain using the raised capital.

Ethena Labs operates two primary digital assets: the ENA governance token, which has a total supply of 15 billion tokens with approximately 3.12 billion in circulation, and the USDe stablecoin, a synthetic dollar-pegged asset that reached $1.3 billion in supply during the Ethena Shard Campaign.

The company recently launched USDtb, a new stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), holding 90% of its reserves in the fund. USDtb is available on multiple networks including Ethereum, Base, Solana, and Arbitrum, and is designed to support USDe stability during market stress.

Following a recent $1.4 billion hack on the Bybit exchange, Ethena Labs confirmed that its USDe stablecoin remains fully collateralized, with exposure to Bybit limited to less than $30 million. The company maintains its crypto assets in off-exchange custody to protect against such security breaches.

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