Ethena Foundation and Ethena OpCo have agreed to permanently waive the lock-up on the ENA held by StablecoinX, its Nasdaq-listed treasury vehicle, with the release taking effect on October 5.

The waiver terminates a 48-month contractual lock, plus all vesting and unlocking restrictions, on StablecoinX's ENA position, aligning it with the release date the Foundation already set for other ENA holders. Going forward, StablecoinX can sell ENA to fund working capital and strategic needs, but must give the Foundation at least five business days' notice, during which the Foundation may elect to buy the tokens first at the proposed price.

Freeing a large treasury stake makes more ENA sellable into the market, a supply overhang traders will watch closely, even as the right of first refusal hands Ethena a lever to absorb sales instead of letting them hit exchanges.

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