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@ImperiumPaper PaperImperium
PaperImperium posts on X about ena, discount, $260m, accounting the most. They currently have XXXXX followers and XX posts still getting attention that total XXXXXX engagements in the last XX hours.
Engagements: XXXXXX #
- X Week XXXXXX +88%
- X Month XXXXXXX +335%
- X Months XXXXXXX -XXXX%
- X Year XXXXXXXXX +89%
Mentions: XX #
- X Months XXX -XXXX%
- X Year XXX +39%
Followers: XXXXX #
- X Week XXXXX +0.30%
- X Month XXXXX +1.90%
- X Months XXXXX +18%
- X Year XXXXX +63%
CreatorRank: XXXXXXX #
Social Influence #
Social category influence finance XXXXX% cryptocurrencies #3080 stocks XXXX% exchanges XXXX%
Social topic influence ena #10, discount #862, $260m 7.14%, accounting #123, strategy #26, marking #110, all the 2.38%, paxos 2.38%, spac #4, $60m XXXX%
Top accounts mentioned or mentioned by @stablecoinx @thespacecatjr @makerdao @heavynodes @cryptomtndrew @arbitrum @0xsisyphus @eldarcap @taikimaeda2 @0xfredchris @gmxintern @gmxio @jevgenijs @gonemultichain @jay2positive @512mag @gucci @imajinl @parallelairev @bartekdeuce
Top assets mentioned Strategy (MSTR) Ethena (ENA) USDC (USDC)
Top Social Posts #
Top posts by engagements in the last XX hours
"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 7222 followers, XXX engagements
"@eli5_defi @ethena_labs Its net dilutive. The $260m is from selling Foundation tokens at XX% discount" @ImperiumPaper on X 2025-07-22 18:21:30 UTC 7201 followers, XX engagements
"@jay2positive @stablecoin_x I think the accounting treatment is going to be a big challenge. You cant mark the NAV like they seem to be intending and avoid trouble" @ImperiumPaper on X 2025-07-23 00:53:28 UTC 7222 followers, XXX engagements
"@dcfgod I dont think its accurate to say the buyback is net shrinking ENA" @ImperiumPaper on X 2025-07-21 16:41:21 UTC 7166 followers, 1150 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 7222 followers, 1980 engagements
"@thespacecatjr @0xSisyphus Share count from the payment in kind isnt fixed yet PIPE investors who participate in this financing will receive a floating number of shares at closing based off of the value of ENA holdings at closing priced at $XX per share. Also I think NAV accounting will be questioned" @ImperiumPaper on X 2025-07-23 10:57:34 UTC 7222 followers, XXX 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 7214 followers, XXX 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 7165 followers, 1350 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 7222 followers, 8430 engagements
"Ethena contributes $60m raw ENA (30% market discount) for majority voting power (via class B shares). Ethena sells $260m Locked ENA (30% market discount) to StablecoinX. These vest for XX months with XX% unlocking in XX months; remaining linearly" @ImperiumPaper on X 2025-07-21 14:59:19 UTC 7222 followers, 1904 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 7222 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 7138 followers, 13K 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 7222 followers, XX engagements
"Its also a mystery who the target investor is for these shares. Its a company controlled by the issuer of the asset it buys. No matter what NAV does it cant sell ENA without Ethenas permission. Its like GBTC was where you cant withdraw" @ImperiumPaper on X 2025-07-21 21:35:15 UTC 7142 followers, XXX 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 7214 followers, XXX engagements
"Total dilution appears to be XX% of yesterdays circulating supply. Ethena will use $260m of the sale to purchase ENA on the market estimating X% of supply" @ImperiumPaper on X 2025-07-21 14:59:21 UTC 7222 followers, 6320 engagements
"The PIPE is interesting. Investors purchase $363m class A shares $101m paid in ENA (including $60m above) $262m in cash/USDC/USDT which is used to buy the Locked ENA from Ethena. Class A shares locked for X months. Didnt see lockup for Class B which controls" @ImperiumPaper on X 2025-07-21 14:59:20 UTC 7222 followers, 1691 engagements
"This is Circles (and most stablecoin issuers) problem. There is currently no obvious value proposition here for a merchant in a developed economy to take stables. Lets look at why" @ImperiumPaper on X 2025-07-10 16:57:22 UTC 7137 followers, 56.3K engagements
"@imajinl Theyre buying the Foundations tokens at XX% discount + XX month vesting (12 month cliff). Then Foundation uses that cash to buy from the market at market prices. So net dilutive" @ImperiumPaper on X 2025-07-21 18:32:26 UTC 7222 followers, XXX engagements
"@martin__a__s @ParallelAiRev Yeah I dont honestly know who buys this stock. Its sole business is to buy the asset issued by the controlling shareholder. With no debt to force a sale or bankruptcy why would Ethena ever authorize a sale" @ImperiumPaper on X 2025-07-21 17:16:47 UTC 7222 followers, XX 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 7222 followers, 41.2K engagements
"@WR_Crypto Well whats the value of something you literally cannot sell bc its restricted AND you need permission from the person that sold you the asset I am eager to read the accounting footnotes of the first quarterly report" @ImperiumPaper on X 2025-07-23 01:19:38 UTC 7221 followers, XX 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 7222 followers, 40K engagements
"Not mentioned in call but if there are 15b ENA supply and tons of it winds up inside a company where Ethena Foundation is the controlling shareholder then isnt the Ethena Foundation ensuring it will unilaterally control Ethena Why even do this vs SPAC buying Foundation" @ImperiumPaper on X 2025-07-23 00:00:13 UTC 7222 followers, XXX engagements
"@thespacecatjr @0xSisyphus Maybe theres some accounting rule that allows for it but even if there is its common sense not to mark restricted tokens 1:1 with restricted ones. Especially when the purchase is from related party selling at discount" @ImperiumPaper on X 2025-07-23 12:33:41 UTC 7222 followers, XXX 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 7222 followers, XXX engagements
"@ParallelAiRev So looks like they dilute XX% (vesting w XX month cliff) and buy back 8%. NB: Ethena had controlling interest in the company buying the XX% so shareholders wont be able to sell without permission" @ImperiumPaper on X 2025-07-21 17:07:43 UTC 7165 followers, XX engagements
"@0xMakesy The filings for bank charters suggest yes. Then your portfolio assets can look more like Tether and less like Circle/Paxos" @ImperiumPaper on X 2025-07-22 20:29:26 UTC 7222 followers, XX engagements
"@CryptoMtnDrew @stablecoin_x This raised my eyebrows. I assume SPAC which was very long in the tooth to not be winding down reached out to Ethena and not vice versa" @ImperiumPaper on X 2025-07-23 01:17:41 UTC 7222 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 7222 followers, XXX 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 7222 followers, XX engagements
"@VinnieSOV @KAIZ3NS Its net inflationary. The $260m was from selling ENA at XX% discount to the company and will be used to buy back ENA on the open market at current prices" @ImperiumPaper on X 2025-07-21 21:31:52 UTC 7166 followers, XX 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 7222 followers, 2782 engagements
"Its even worse if bank stables backed by deposits can on/off ramp with less friction than independent stables. Tether aside most stables dont have a lot of moat that can survive competitors allowed to earn more than the risk-free rate" @ImperiumPaper on X 2025-07-22 20:04:22 UTC 7222 followers, XXX engagements
"People keep asking about token treasury companies. My thoughts: 1) I think its a fad reminds me of GBTC except its easy to buy BTC now 2) Depends a LOT on capital structure & can they be liquidated 3) Former Celsius/BlockFi/Voyager people in C-suite makes me squeamish" @ImperiumPaper on X 2025-07-21 22:39:24 UTC 7139 followers, 1257 engagements
"@thespacecatjr @0xSisyphus The call implied theyre marking Locked ENA at par w ENA. I dont think that will fly under GAAP. So unsure if their whole plan of goosing NAV via discounted purchases will work with legitimate accounting" @ImperiumPaper on X 2025-07-23 11:20:57 UTC 7222 followers, XXX 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 7222 followers, 8950 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 7220 followers, XX engagements
"I see the CEO of the ENA treasury company was previously the CFO at @CelsiusNetwork (2019-2020)" @ImperiumPaper on X 2025-07-22 03:04:41 UTC 7142 followers, 1623 engagements
"2) Ethena Foundation will continue to sell discounted ENA to StablecoinX so even if it is below NAV it still is accretive to dilute I found this striking. And kind of unsettling. The Foundation plans to make more sales below market value" @ImperiumPaper on X 2025-07-23 00:00:11 UTC 7222 followers, XXX engagements
"@CryptoMtnDrew @stablecoin_x The guy wasnt implicated to my knowledge. But overlaps with the fraud period (2018-2022) Mashinsky was convicted on. The CFO is supposed to know all the financial goings on" @ImperiumPaper on X 2025-07-23 02:56:01 UTC 7222 followers, XX engagements
"@basedscarf @MakerDAO Maybe. Still very exposed directly via the USDC holdings & indirectly via overall rates environment. But better positioned than Circle and Paxos yes" @ImperiumPaper on X 2025-07-16 20:55:05 UTC 7222 followers, XXX engagements
"No wonder your stablecoin trades at XX. How can you possibly make money here unless people blindly ape into this stock that cant sell without asking permission of the asset issuer Its like if you had a MMF where you needed to ask the Treasury Secretary before you could sell" @ImperiumPaper on X 2025-07-22 23:28:30 UTC 7222 followers, 2402 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 7222 followers, XXX engagements
"Protocols like borrow-lends & L2s should consider ditching gov tokens. Go the credit union route where you have to have $5-$25 in a shares deposit (demand or time deposit) to access the CUs services. XX% of ALL deposits in US CUs were from this de minimis deposit base" @ImperiumPaper on X 2025-07-21 17:44:49 UTC 7220 followers, 1423 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 7162 followers, XX 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 7222 followers, 1407 engagements