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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: 2025-07-23 00:00:11 UTC

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?

![](https://pbs.twimg.com/media/GwgB5hSXEAAKZPD.jpg)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947808929188040897/c:line.svg)

**Related Topics**
[ena](/topic/ena)

[Post Link](https://x.com/ImperiumPaper/status/1947808929188040897)