CoinRank Crypto Digest (7/22)｜Ethena Invests $360M in Stablecoinx, Builds Ena Treasury

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Bit Origin Buys $10M in Dogecoin, Shifting from Bitcoin Mining to DOGE Treasury, Signaling Confidence in Meme Coin’s DeFi Potential and Institutional Interest.
Ethena Invests $360M in StablecoinX, Launches $260M ENA Buyback to Boost Treasury and Support USDE’s Nasdaq Listing for Greater Regulatory Credibility.
xTAO Raises $22.8M and Lists on Canada’s TSX Venture Exchange to Expand Bittensor’s Decentralized AI Infrastructure and Accelerate Commercial AI Adoption.

1. Bit Origin Buys $10M in DOGE to Launch Corporate Treasury

Nasdaq-listed Bit Origin has announced the completion of its initial Dogecoin purchase, acquiring 40,543,745 DOGE at an average price of $0.2466, totaling approximately $10 million. This action follows the company's recent announcement of its plan to establish a corporate Dogecoin treasury. Bit Origin has secured up to $500 million in equity and debt financing to support this strategic initiative.

This shift from Bitcoin mining to Dogecoin accumulation represents a significant strategic pivot, demonstrating confidence in the potential of meme coins. Bit Origin believes that current market conditions are conducive to DOGE's evolution toward decentralized finance (DeFi) applications, emphasizing its global liquidity and brand recognition. This strategic move could encourage other institutions to explore Dogecoin, particularly in the context of DeFi payments and lending. However, DOGE's future trajectory will continue to be influenced by market volatility, regulatory developments, and community engagement.

2. Ethena Invests $360M in StablecoinX, Builds ENA Treasury

Ethena Labs has announced a $360 million PIPE (Private Investment in Public Equity) deal with StablecoinX, alongside a $260 million ENA open market buyback program aimed at strengthening its treasury reserves. StablecoinX intends to list on Nasdaq under the ticker "USDE."

A successful listing of USDE on Nasdaq would enhance the regulatory credibility and visibility of stablecoins within traditional finance. This could attract greater institutional investment and accelerate their integration into global financial systems. Realizing this vision will depend on navigating regulatory frameworks, achieving market acceptance, and effectively managing associated risks.

3. Bittensor Project xTAO to List in Canada, Raises $22.8M

xTAO, a key infrastructure provider within the Bittensor ecosystem, is scheduled to go public on July 23rd via Canada’s TSX Venture Exchange, trading under the ticker XTAO.U. The company has secured $22.8 million in funding from prominent investors including Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and FalconX.

xTAO's objective is to foster growth across Bittensor’s decentralized AI network, focusing on data, compute, and machine learning modules. Through validator nodes, it will connect users and enterprises, serving as a crucial bridge to scale commercial adoption. The public listing and capital infusion are anticipated to accelerate product development and broader ecosystem adoption.