The Ethena Foundation has put a proposal to an ENA holder vote. If approved, the net revenue from all of Ethena’s business lines will be used for programmatic token buybacks.
The mechanism has not been activated yet: the proposal must pass a governance vote, although Ethena’s Risk Committee has already approved it.
The size of future buybacks will depend on Ethena’s net profit, so the proposal does not set a fixed purchase volume.
The proposed buyback mechanism will cover profits from all business lines under the Ethena brand, including products and infrastructure solutions within the ecosystem.
Before publishing the proposal, the Ethena Foundation acquired all locked ENA tokens held by a number of major early investors who had been selling the tokens over the past nine months.
As of the evening of August 27, ENA was trading at $0.1675 on CoinGecko. Following the news, the token gained 23% over 24 hours, up from around $0.136. Its 24-hour trading volume reached $1.5 B.