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[@ImperiumPaper](/creator/twitter/ImperiumPaper)
"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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947808934531600526) 2025-07-23 00:00:13 UTC 7166 followers, XXX engagements


"@eli5_defi @ethena_labs Its net dilutive. The $260m is from selling Foundation tokens at XX% discount"  
![@ImperiumPaper Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947723695729815569) 2025-07-22 18:21:30 UTC 7166 followers, XX engagements


"@dcfgod I dont think its accurate to say the buyback is net shrinking ENA"  
![@ImperiumPaper Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947336102068535408) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947749578729746457) 2025-07-22 20:04:21 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1945570913061044733) 2025-07-16 19:47:07 UTC 7138 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947410062906896447) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947614887871389904) 2025-07-22 11:09:08 UTC 7166 followers, 7600 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310427941048405) 2025-07-21 14:59:19 UTC 7166 followers, 1764 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1922642588143628537) 2025-05-14 13:18:08 UTC 7138 followers, 13K 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947410066132636058) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1945570915170779345) 2025-07-16 19:47:07 UTC 7138 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310433079034056) 2025-07-21 14:59:21 UTC 7166 followers, 5921 engagements


"@gucci And another lawsuit filed this year against associates (not Dollinger though) over an IPO of Veg House which never happened and investor money allegedly not returned"  
![@ImperiumPaper Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1946237485790515676) 2025-07-18 15:55:50 UTC 7131 followers, XXX 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310430155685909) 2025-07-21 14:59:20 UTC 7166 followers, 1557 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1943353869301334200) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947364058165837969) 2025-07-21 18:32:26 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947345020937253105) 2025-07-21 17:16:47 UTC 7165 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947800950183280991) 2025-07-22 23:28:29 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310424963129432) 2025-07-21 14:59:19 UTC 7166 followers, 30.6K 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947808937606074682) 2025-07-23 00:00:13 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1946233401444307411) 2025-07-18 15:39:36 UTC 7131 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947342737235218811) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947755888611328277) 2025-07-22 20:29:26 UTC 7166 followers, XX 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947809880787571017) 2025-07-23 00:03:58 UTC 7166 followers, XXX 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947409214034284605) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947312041380745692) 2025-07-21 15:05:44 UTC 7166 followers, 2595 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947749584169558089) 2025-07-22 20:04:22 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947426209677119514) 2025-07-21 22:39:24 UTC 7139 followers, 1257 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947808923223724076) 2025-07-23 00:00:10 UTC 7166 followers, XXX engagements


"I see the CEO of the ENA treasury company was previously the CFO at @CelsiusNetwork (2019-2020)"  
![@ImperiumPaper Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947492971685044257) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947808929188040897) 2025-07-23 00:00:11 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1945588017885769978) 2025-07-16 20:55:05 UTC 7165 followers, XXX 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947684372989006268) 2025-07-22 15:45:15 UTC 7166 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1412230982795673607.png) [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947414802122354903) 2025-07-21 21:54:04 UTC 7162 followers, XX engagements