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![ImperiumPaper Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1412230982795673607.png) PaperImperium [@ImperiumPaper](/creator/twitter/ImperiumPaper) on x 7230 followers
Created: 2025-07-22 23:28:29 UTC

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?


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947800950183280991/c:line.svg)

**Related Topics**
[ena](/topic/ena)
[$10m](/topic/$10m)

[Post Link](https://x.com/ImperiumPaper/status/1947800950183280991)