Multicoin Capital builds large position in Ethena

Vishal Kankani, a senior investor at crypto investment firm Multicoin Capital, announced via X that the firm has made a strategic investment in ENA, the native token of synthetic dollar issuer Ethena. While the specific investment amount was not disclosed, Multicoin Capital Co-founder Kyle Samani added that the firm has built a large position in ENA this year. Kankani explained that Ethena's synthetic dollar, USDe, generates yield through a fully collateralized, delta-neutral trading strategy. He noted that the protocol capitalizes on market demand for leverage through basis trading to generate returns. Kankani also stated that Ethena aligns with three powerful trends reshaping finance: stablecoins, the expansion of perpetual futures, and tokenization.