[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

@ImperiumPaper "@BitcoinPierre @matthew_sigel The Ethena SPAC. Foundation sells at XX% discount to the company takes the cash and buys off the spot market at full price making number go up"
@ImperiumPaper on X 2025-07-26 23:07:15 UTC 7248 followers, XX engagements

"Any lawyers out there able to confirm this means @stablecoin_x will have X days after a token sale to buy at that price So theres a free call option on XX% of any ENA token offerings That seems useful for optimizing for high NAV but ultimately unnecessary"
@ImperiumPaper on X 2025-07-23 19:10:15 UTC 7242 followers, 1274 engagements

"I think nonbank stablecoin issuers that are regulated under GENIUS are going to be at a structural disadvantage. If you can only hold tbills out to X months but a stable backed by a bank deposit can lend in all the ways a bank can lend now thats tough"
@ImperiumPaper on X 2025-07-22 20:04:21 UTC 7244 followers, 2301 engagements

"Tether does too but they also 1) hold other assets and businesses and 2) dont have to pay users to hold their stable like Circle Paxos and Maker/Sky Every rate cut by the Fed maps immediately into lower revenue for issuers that rely on tbills bc theyre short duration"
@ImperiumPaper on X 2025-07-16 19:47:07 UTC 7245 followers, XXX engagements

"How much US legal tender is issued by the Federal Reserve (central bank)"
@ImperiumPaper on X 2025-07-26 03:16:28 UTC 7248 followers, 2923 engagements

"Ive seen a LOT of people confused about the Ethena treasury company. Its clever it will likely pump the price of ENA but it is not deflationary"
@ImperiumPaper on X 2025-07-21 21:35:14 UTC 7243 followers, 1438 engagements

"Final tidbit I didnt realize when writing this. The CEO of the SPAC was the CFO of Celsius in 2019-2020"
@ImperiumPaper on X 2025-07-22 11:09:08 UTC 7244 followers, 8804 engagements

"Im just curious what the underwriting process looks like for this and if Im overlooking something obvious"
@ImperiumPaper on X 2025-07-23 13:06:23 UTC 7242 followers, XXX engagements

"@MoistyPoisty Can ETFs not stake Can ETF holders not use it for margin Can they not have in-kind redemption Real questions. I dont use ETFs much but the fee structure & accounting seems far superior to a pure holding company"
@ImperiumPaper on X 2025-07-26 21:31:21 UTC 7248 followers, XX engagements

"@ngmingmingmi @stablecoin_x Ah good point Anyway as I pointed out its really six of one half a dozen the other. Since the relationship seems to mainly revolve around Foundation providing additional paid in capital to the pubco"
@ImperiumPaper on X 2025-07-23 21:03:38 UTC 7244 followers, XX engagements

"@milesjennings I think the NAV one is maybe solved with the announced Ethena model. The Foundation injects additional paid in capital in the form of discounted tokens. Moves equity out of the nonprofit and into the PubCo. Im personally squeamish about it though"
@ImperiumPaper on X 2025-07-24 16:44:18 UTC 7247 followers, XXX engagements

"Fluid disclosing losses by LPers as a result of rebalancing mechanics. Very professional to acknowledge offer significant compensation to affected LPers & clearly explain long term fix + timeline. More teams should act/communicate like this. Fluid teams moms should be proud"
@ImperiumPaper on X 2025-05-14 13:18:08 UTC 7248 followers, 13.1K engagements

"@512M_AG @stablecoin_x The SPAC is 2021 vintage. Apparently still XX or more of that cohort around which surprised me"
@ImperiumPaper on X 2025-07-23 11:37:33 UTC 7242 followers, XX engagements

"Issuers will be challenged and need to go further out on the risk curve hold less liquid assets or live with lower income. Laws passed this year may close some of these doors"
@ImperiumPaper on X 2025-07-16 19:47:07 UTC 7241 followers, XXX engagements

"@stablecoin_x @ethena_labs You should edit this bc its incorrect. Third largest USD asset third largest USD asset issuer. At both the time of your investor deck and this tweet MakerDAO/Sky Ecosystem was the third-largest issuer (they have two brands which are 4th and 5th largest stablecoins)"
@ImperiumPaper on X 2025-07-24 13:04:58 UTC 7244 followers, XX engagements

"@gdog97_ Thanks for this additional color as someone who has been fascinated with going through the structure. A few questions: 1) Isnt the discounted sale a way to move assets from the Foundation to favored investors"
@ImperiumPaper on X 2025-07-25 12:18:43 UTC 7248 followers, XXX engagements

"Calling it now that we will see treasury companies whose mandate is only to hold other treasury companies stock"
@ImperiumPaper on X 2025-07-26 22:49:10 UTC 7248 followers, 1490 engagements

"Am I to understand that someone borrowed $10m unsecured at XX% APY to buy the stock of a company whose sole business is holding ENA which it can only liquidate 1) after it begins to vest in XX months and 2) with permission from Ethena Foundation the controlling shareholder"
@ImperiumPaper on X 2025-07-22 23:28:29 UTC 7248 followers, 51.8K engagements

"Under GAAP I think its the same balance sheet size if Foundation sells to @stablecoin_x at market price or at X. The difference is just how much is assets vs equity So I dont see how this embedded call matters. Foundation can inject equity through discounted sales"
@ImperiumPaper on X 2025-07-23 19:10:19 UTC 7243 followers, XX engagements

"@TraderNoah Relevant. Management or capital structure gets a premium (rightly or wrongly)"
@ImperiumPaper on X 2025-07-25 20:24:46 UTC 7248 followers, XXX engagements

"A 2021-vintage SPAC formed to buy biopharma companies announced in May it wanted to be the MicroStrategy of ENA. Here we get to see the terms (next tweet)"
@ImperiumPaper on X 2025-07-21 14:59:19 UTC 7248 followers, 42.4K engagements

"@stablecoin_x @ethena_labs Same inaccuracy for this quote:"
@ImperiumPaper on X 2025-07-24 13:05:58 UTC 7243 followers, XX engagements

"Also interesting to see Yaakov Levtov (the alter ego) being paid $175k in commission for a private placement of PlantX securities in 2022 This rhymes with Kingbirds accusation of masking payments to Dillinger by LQR via Levtov"
@ImperiumPaper on X 2025-07-18 15:39:36 UTC 7242 followers, XXX engagements

"If thats how it shakes out then this is some brilliant financial engineering by the Ethena team. Im still not sure how this is a good deal for the investors unless they have equity interests in Ethena too though. Theres no obvious way to force a distribution to shareholders"
@ImperiumPaper on X 2025-07-23 00:03:58 UTC 7245 followers, 1672 engagements

"@Gbbigbuy @stablecoin_x I mean seems clever and unlikely to blow up unless they use leverage"
@ImperiumPaper on X 2025-07-23 09:00:54 UTC 7242 followers, XX engagements

"@SPACMAN17 NAV is a bit hard to divine at the moment bc many of the assets are illiquid/restricted. Also the controlling shareholder selling liquid assets to the company at a discount seems likely to be booked as equity infusion (even aside from the shares it received) Any thoughts"
@ImperiumPaper on X 2025-07-26 21:26:33 UTC 7248 followers, XX engagements

"@JasonYanowitz I think wrong take. Western Union will uses stablecoins which can lower their cost structure"
@ImperiumPaper on X 2025-07-25 18:10:03 UTC 7248 followers, XXX engagements

"I wouldnt normally call this out but the investor pitch deck makes a material misrepresentation here 1) @SkyEcosystem is the 3rd largest issuer on this @DefiLlama leaderboard 2) Ethena itself holds XX% of the USDtb supply. Theyre double counting to just add USDe + USDtb"
@ImperiumPaper on X 2025-07-23 21:25:18 UTC 7247 followers, 3831 engagements

"Important aspect I forgot: This is beginning life as unlevered and controlled by Ethena. If they avoid leverage they could burn the keys and never have to sell this bag regardless of how bad price action gets. If price moons dilute and buy more ENA. If price is rekt ignore"
@ImperiumPaper on X 2025-07-21 15:05:44 UTC 7244 followers, 2872 engagements

"@ReidTymcio Its tough to avoid egregious appreciation when your currency is a safe haven but also relatively small"
@ImperiumPaper on X 2025-07-24 15:54:52 UTC 7246 followers, XX engagements

"This seems much smarter than investing in an ETH treasury company. Can anyone out there okay devils advocate for why choose one of these companies over an ETF"
@ImperiumPaper on X 2025-07-26 21:24:07 UTC 7248 followers, 1399 engagements

"The investor call today had three interesting gems: 1) @stablecoin_x plans to be a validator for the Ethena chain to earn more ENA Makes sense. Hard to judge whether this makes money and presumably not material"
@ImperiumPaper on X 2025-07-23 00:00:10 UTC 7242 followers, 12.2K engagements

"@1kbeetlejuice Interesting. Thanks for sharing You dont have a breakdown of reasons for blacklist do you E.g. DPRK offline scams TF DeFi exploits"
@ImperiumPaper on X 2025-07-24 18:38:25 UTC 7248 followers, XXX engagements

"@512M_AG @stablecoin_x They got extensions. Im not an expert on how that happens but think its mostly a shareholder vote"
@ImperiumPaper on X 2025-07-23 12:28:44 UTC 7242 followers, XX engagements

"The trouble with all of these treasury companies is theyre structured finance not vanilla equity. Theres a reason why people buy individual stocks but rarely bonds - sophisticated people can transfer your money into their pockets many ways many of them subtle"
@ImperiumPaper on X 2025-07-25 00:04:55 UTC 7248 followers, 1610 engagements

"Budget proposal for Optimism retro moved from 87m $OP ➡ 20m $OP after @labsGFX pushback. GFX Labs always guarding that tokenholder chicken coop"
@ImperiumPaper on X 2025-07-15 16:42:20 UTC 7246 followers, 10.4K engagements

"@gdog97_ 2) If not then how are shares worth anything if Foundation will always block liquidations or distributions of tokens 3) Given all the SPACs and options why go with a former Celsius CFO Seems unnecessary"
@ImperiumPaper on X 2025-07-25 12:19:50 UTC 7248 followers, XXX engagements

"I wonder why own TLGY shares when theyll only get X% of the new ENA treasury company. NAV was mentioned at $800m on the investor call earlier this week. Market cap of TLGY is currently $88m. ENA needs to 5.5x by Q4 closing for TLGY holders to break even. Did I flub the math"
@ImperiumPaper on X 2025-07-24 18:16:02 UTC 7248 followers, 2072 engagements

"Miles offers some good practical questions here as well. Most of these just seem like amateurish capital structures with heads I win tails you lose waiting for shareholders"
@ImperiumPaper on X 2025-07-25 00:04:56 UTC 7248 followers, XXX engagements

"This seems designed (along with other mechanisms) to optimize for NAV but maybe not in a useful way. Remember Foundation controls @stablecoin_x. When Foundation sells below market price then at @stablecoin_x: Assets (market value) APIC equity (discount value)"
@ImperiumPaper on X 2025-07-23 19:10:17 UTC 7244 followers, XX engagements

"The discussion draft for amending the Securities Act of XX seems like it will force disclosures from issuers of both memecoins and gov tokens. Is that what others think as well"
@ImperiumPaper on X 2025-07-22 15:45:15 UTC 7243 followers, XXX engagements

"@gdog97_ 4) Several communications (pitch deck and tweets) state Ethena is the 3rd largest stablecoin issuer which is clearly untrue. Will those communications be corrected given they were used to raise money"
@ImperiumPaper on X 2025-07-25 12:22:38 UTC 7242 followers, XX engagements

"Say what you will about Saylor but at least his capital structure (so far) is designed thoughtfully. I think hes irresponsible sometimes but he at least thinks about how to avoid forced selling. Im not convinced many of the new companies think beyond next month or quarter"
@ImperiumPaper on X 2025-07-25 00:04:57 UTC 7248 followers, XXX engagements

"@gdog97_ 4) Several communications (pitch deck and tweets) state Ethena is the 3rd largest stablecoin issuer which is/was not the case even by your own citation . Will those communications be corrected given they were used to raise money"
@ImperiumPaper on X 2025-07-25 12:30:57 UTC 7244 followers, XXX engagements

"@SPACMAN17 Ah thank you. So its at around NAV now if thats the case with some discount I guess for the market risk between now and closing"
@ImperiumPaper on X 2025-07-26 21:09:42 UTC 7248 followers, XX engagements

"@puniaviision Its about like a low-interest credit card. I use them to secure lines I rarely draw upon (using the credit line as the collateral) but think its around 11-12%. So higher than my credit card actually But I have a great credit union for that"
@ImperiumPaper on X 2025-07-27 02:47:03 UTC 7248 followers, XX engagements

"Please let this be the cycle where people actually ask what legal or technical rights their tokens have 🙏 Its just memecoins otherwise"
@ImperiumPaper on X 2025-07-24 20:30:10 UTC 7248 followers, XXX engagements

"@GoneMultichain All of these depend on capital structure. Strategy (at least until recently havent dug into it now) and the Ethena company have structures that can probably withstand negative equity. I dont know enough about Ether Machine et al to know their financing terms"
@ImperiumPaper on X 2025-07-21 21:54:04 UTC 7244 followers, XX engagements

"Is anyone making a kind of constant-maturity version of Pendle Only one Ive seen like Im thinking is over on @berachain (@UV_Money). Would love to meet anyone doing yield stripping mechanisms"
@ImperiumPaper on X 2025-07-25 12:40:26 UTC 7248 followers, XXX engagements

"Corollary: Who decided to lend to an overseas LLC for this use of funds Presumably its bankruptcy remote so what would recovery even look like if these shares dont find exit liquidity Seems like lenders finance a heads I win tails you lose strategy"
@ImperiumPaper on X 2025-07-23 13:02:51 UTC 7243 followers, 1808 engagements

"3) Theyre marking the Locked ENA 1:1 vs ENA I hope this is a mistake. IFRS and GAAP usually require marking restricted units to a discount. Non-saleable units are NOT equivalent to freely tradeable units"
@ImperiumPaper on X 2025-07-23 00:00:13 UTC 7242 followers, XXX engagements