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![ImperiumPaper Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1412230982795673607.png) PaperImperium [@ImperiumPaper](/creator/twitter/ImperiumPaper) on x 7234 followers
Created: 2025-07-21 14:59:20 UTC

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. Didn’t see lockup for Class B, which controls.


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947310430155685909/c:line.svg)

**Related Topics**
[$262m](/topic/$262m)
[$60m](/topic/$60m)
[ena](/topic/ena)
[$101m](/topic/$101m)
[stocks](/topic/stocks)
[$363m](/topic/$363m)

[Post Link](https://x.com/ImperiumPaper/status/1947310430155685909)