The Ethena Crypto Buyback Math Puts the $2 ENA Target to the Test

Key points

• Standard Chartered initiated coverage of ENA with a $2 target, versus the $0.28 reference price, forecasting USDe supply growth eightfold to $40 billion by end-2028.
• A governance-approved fee switch directs 95% of net revenue from certain business lines to ENA buybacks once USDe hits supply milestones, with blended yield cited at 5.2%.
• The bank's September 30 snapshot put ENA near $0.27 with about $2.65 billion market cap, noting roughly 28% weekly and 77% monthly gains.

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