[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 PaperImperium PaperImperium posts on X about ena, $260m, discount, $60m the most. They currently have XXXXX followers and 1679 posts still getting attention that total XXXXXX engagements in the last XX hours. ### Engagements: XXXXXX [#](/creator/twitter::1412230982795673607/interactions)  - X Week XXXXXX +88% - X Month XXXXXXX +335% - X Months XXXXXXX -XXXX% - X Year XXXXXXXXX +89% ### Mentions: XX [#](/creator/twitter::1412230982795673607/posts_active)  - X Months XXX -XXXX% - X Year XXX +39% ### Followers: XXXXX [#](/creator/twitter::1412230982795673607/followers)  - X Week XXXXX +0.30% - X Month XXXXX +1.90% - X Months XXXXX +18% - X Year XXXXX +63% ### CreatorRank: XXXXXXX [#](/creator/twitter::1412230982795673607/influencer_rank)  ### Social Influence [#](/creator/twitter::1412230982795673607/influence) --- **Social category influence** [finance](/list/finance) [cryptocurrencies](/list/cryptocurrencies) #5831 [stocks](/list/stocks) [exchanges](/list/exchanges) [luxury brands](/list/luxury-brands) [fashion brands](/list/fashion-brands) **Social topic influence** [ena](/topic/ena) #48, [$260m](/topic/$260m) #3, [discount](/topic/discount) #1015, [$60m](/topic/$60m) #7, [rates](/topic/rates), [strategy](/topic/strategy) #62, [paxos](/topic/paxos), [liquid](/topic/liquid), [$262m](/topic/$262m), [$101m](/topic/$101m) **Top assets mentioned** [Strategy (MSTR)](/topic/strategy) [USDC (USDC)](/topic/usdc) [Ethena (ENA)](/topic/$ena) ### Top Social Posts [#](/creator/twitter::1412230982795673607/posts) --- Top posts by engagements in the last XX hours "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](/creator/x/ImperiumPaper) on [X](/post/tweet/1943353869301334200) 2025-07-10 16:57:22 UTC 7137 followers, 56.3K 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947414802122354903) 2025-07-21 21:54:04 UTC 7162 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1945570915170779345) 2025-07-16 19:47:07 UTC 7138 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310430155685909) 2025-07-21 14:59:20 UTC 7165 followers, 1554 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310433079034056) 2025-07-21 14:59:21 UTC 7166 followers, 5915 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947312041380745692) 2025-07-21 15:05:44 UTC 7166 followers, 2588 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1945588017885769978) 2025-07-16 20:55:05 UTC 7165 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310424963129432) 2025-07-21 14:59:19 UTC 7166 followers, 30.1K 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1946233401444307411) 2025-07-18 15:39:36 UTC 7131 followers, XXX engagements "Final tidbit I didnt realize when writing this. The CEO of the SPAC was the CFO of Celsius in 2019-2020"  [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947614887871389904) 2025-07-22 11:09:08 UTC 7166 followers, 7542 engagements "Crypto should pay more attention to the Trump-Powell issue. Assume Powell serves out his term. May 2026 we get a new chair whose main qualification will be willingness to lower rates when asked. Thats very bad for issuers like Circle Paxos Maker/Sky who rely on that interest"  [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1945570910846538048) 2025-07-16 19:47:06 UTC 7131 followers, 3898 engagements "@dcfgod I dont think its accurate to say the buyback is net shrinking ENA"  [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947336102068535408) 2025-07-21 16:41:21 UTC 7166 followers, 1150 engagements "I see the CEO of the ENA treasury company was previously the CFO at @CelsiusNetwork (2019-2020)"  [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947492971685044257) 2025-07-22 03:04:41 UTC 7142 followers, 1623 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947342737235218811) 2025-07-21 17:07:43 UTC 7165 followers, XX 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947410062906896447) 2025-07-21 21:35:14 UTC 7165 followers, 1350 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1922642588143628537) 2025-05-14 13:18:08 UTC 7138 followers, 13K 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1946237485790515676) 2025-07-18 15:55:50 UTC 7131 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1945570913061044733) 2025-07-16 19:47:07 UTC 7138 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947345020937253105) 2025-07-21 17:16:47 UTC 7165 followers, XX engagements "@eli5_defi @ethena_labs Its net dilutive. The $260m is from selling Foundation tokens at XX% discount"  [@ImperiumPaper](/creator/x/ImperiumPaper) on [X](/post/tweet/1947723695729815569) 2025-07-22 18:21:30 UTC 7166 followers, XX 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947310427941048405) 2025-07-21 14:59:19 UTC 7165 followers, 1753 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947409214034284605) 2025-07-21 21:31:52 UTC 7166 followers, XX 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947749578729746457) 2025-07-22 20:04:21 UTC 7166 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947684372989006268) 2025-07-22 15:45:15 UTC 7166 followers, XXX 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947410066132636058) 2025-07-21 21:35:15 UTC 7142 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947426209677119514) 2025-07-21 22:39:24 UTC 7139 followers, 1257 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](/creator/x/ImperiumPaper) on [X](/post/tweet/1947364058165837969) 2025-07-21 18:32:26 UTC 7165 followers, XXX engagements
[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 PaperImperium
PaperImperium posts on X about ena, $260m, discount, $60m the most. They currently have XXXXX followers and 1679 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 cryptocurrencies #5831 stocks exchanges luxury brands fashion brands
Social topic influence ena #48, $260m #3, discount #1015, $60m #7, rates, strategy #62, paxos, liquid, $262m, $101m
Top assets mentioned Strategy (MSTR) USDC (USDC) Ethena (ENA)
Top Social Posts #
Top posts by engagements in the last XX hours
"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
"@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
"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 7138 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 on X 2025-07-21 14:59:20 UTC 7165 followers, 1554 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 7166 followers, 5915 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 7166 followers, 2588 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 7165 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 7166 followers, 30.1K 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 7131 followers, XXX 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 7166 followers, 7542 engagements
"Crypto should pay more attention to the Trump-Powell issue. Assume Powell serves out his term. May 2026 we get a new chair whose main qualification will be willingness to lower rates when asked. Thats very bad for issuers like Circle Paxos Maker/Sky who rely on that interest" @ImperiumPaper on X 2025-07-16 19:47:06 UTC 7131 followers, 3898 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 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
"@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
"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
"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
"@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 on X 2025-07-18 15:55:50 UTC 7131 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 7138 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 7165 followers, XX 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 7166 followers, XX 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 7165 followers, 1753 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
"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 7166 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 on X 2025-07-22 15:45:15 UTC 7166 followers, XXX 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
"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
"@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 7165 followers, XXX engagements