Ethena Revenue, Valuation, Funding & Investors
Ethena is valued at $300M as of February 2024, a 2.7x multiple on its last reported $112M revenue.
Last Ethena valuation
$300M
Seed · Feb 2024
Last Ethena funding round
Undisclosed stage
Amount undisclosed · Jun 2026
Ethena revenue
$112M
Seed · Feb 2024
Key investors in Ethena
Putnam Premier IT
Dragonfly
Maelstrom
MEXC Ventures
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Arthur HayesF-Prime
About Ethena
Ethena is a DeFi protocol on the Ethereum blockchain that issues USDe, a synthetic dollar stablecoin backed by delta-hedged positions in Bitcoin, Ethereum, and Solana alongside short futures on exchanges like Binance and Bybit. It also offers sUSDe, a staked version capturing yields from funding rates, basis trades, and liquid staking rewards. The ENA governance token facilitates decisions on treasury allocation, risk parameters, and protocol upgrades through the Ethena DAO. Launched in 2024, Ethena integrates with lending platforms like Aave and Morpho, as well as exchanges including Bybit and OKX, achieving rapid growth in total value locked across Ethereum and Layer 2 networks like Arbitrum and Optimism.
Founded
2023
HQ
LisbonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Revenue
$112M (Feb 2024)
Valuation
$300M (Feb 2024)
Ethena Valuation
Ethena is currently valued at $300M, based on its seed round in February 2024.
The $14M round included Galaxy Digital, Arthur Hayes, Putnam Premier IT, BH Digital, Hashed and 5 other investors.
Ethena valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2024 | Seed | $300M | 2.7x |
Ethena Revenue
Ethena's latest recorded revenue is $112M, as of its seed round in February 2024. At a $300M valuation, that implies a 2.7x revenue multiple.
Ethena revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2024 | $112M | $300M | 2.7x | Seed |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Ethena Funding History
Ethena has raised a total of $207M across 7 funding rounds, plus 1 secondary share sale.
Ethena's first fundraising round was a $7M seed round in July 2023. The most recent completed round was a undisclosed-stage round in June 2026.
Ethena funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Undisclosed stage | Coinbase Ventures (lead) | - | - | - |
| Oct 2025 | Undisclosed stage | MEXC Ventures (lead) | $30M | - | Ethena is a cryptocurrency protocol offering USDe, a synthetic dollar stablecoin designed to maintain a steady value through treasury-backed strategies, alongside its governance token ENA. On October 1, 2025, at the Token2049 conference, MEXC Ventures announced a second strategic investment of $30 million in ENA, increasing its total commitment to the Ethena ecosystem to $66 million. This follows an earlier $16 million investment earlier in 2025 and a $20 million purchase of USDe. The $30 million round is listed as a strategic investment. MEXC Ventures emphasizes its role beyond capital, providing technical, operational, marketing support, and positioning itself as an industry enabler for the protocol's growth. Following the announcement, ENA's price surged 7% to $0.58, with a market cap of $4.03 billion, though this reflects token valuation rather than company valuation. Ethena has raised a total of approximately $166.50 million across multiple strategic rounds and earlier seed stages, including $16 million from MEXC Ventures in February/March 2025, $100 million from Franklin Templeton and F-Prime Capital in February 2025, $14 million extended seed at $300 million valuation in February 2024, and $6.5 million seed in July 2023. Current fully diluted valuation (FDV) stands at $1.55 billion with market cap at $878.56 million. |
| Sep 2025 | ICO | M2 Capital (lead) | $20M | - | - |
| Mar 2025 | Undisclosed stage | MEXC Ventures (lead) | $36M | - | Ethena is a leading DeFi protocol offering USDe, a synthetic dollar stablecoin backed by collateralized stablecoins rather than fiat, positioning it as a key player in the stablecoin sector with rapid growth evidenced by USDe supply exceeding $14 billion TVL by end of September 2025. MEXC Ventures has made multiple investments in Ethena, including an initial $16 million strategic investment in Ethena alongside $20 million purchase of USDe (totaling $36 million), followed by a second strategic investment in ENA bringing commitment to $30 million in ENA alone and total ecosystem exposure to $66 million as announced on October 1, 2025. These investments highlight MEXC's strategy of providing capital, liquidity, and operational support to high-growth blockchain projects like Ethena to drive adoption and governance. The protocol generated over $660 million in fees in the year prior to October 2025, underscoring its traction amid increasing institutional interest, with separate deals like a $530 million round led by StablecoinX and $20 million from M2 Capital in September 2025. Ethena Labs has actively managed its ENA token through buybacks, such as purchasing 25 million ENA worth $7.05 million to support price stability. Related developments include incubation of Terminal Finance, a DEX built around yield-generating stablecoins, which amassed over $280 million TVL in pre-deposits using USDe, WETH, and WBTC ahead of launch. Ethena ranks among top DeFi protocols with TVL over $11.89 billion in August 2025, making USDe the third-largest stablecoin globally behind USDT and USDC, and market cap between $5.46 billion and $12.6 billion. The protocol previously raised $100 million backed by Franklin Templeton and F-Prime Capital to develop a synthetic dollar targeting traditional finance. Ongoing token unlocks, such as 212.50 million ENA worth $52.63 million in early December, reflect vesting schedules amid broader market dynamics. |
| Feb 2025 | Undisclosed stage | Pantera Capital; Putnam Premier IT; Dragonfly; Devonshire Investors; F-Prime; Polychain | $100M | - | Ethena Labs, issuer of the USDe synthetic dollar stablecoin and ENA governance token, raised $100 million in December 2024 through a private sale of ENA tokens at approximately $0.40 each to institutional investors including Franklin Templeton, F-Prime Capital (affiliated with Fidelity via Devonshire Investors), Dragonfly Capital, Polychain Capital, and Pantera Capital. The funding, publicly reported in early 2025, supports development of iUSDe, a TradFi-compliant stablecoin with transfer restrictions, and Ethena's proprietary layer-1 blockchain. This follows a December partnership with Trump family-backed World Liberty Financial. Ethena's USDe offers high yields up to 60% annually via unique backing distinct from USDC or Tether, driving rapid growth; it reached $1.3 billion supply during the Ethena Shard Campaign. The firm recently launched USDtb, backed 90% by BlackRock's BUIDL fund, available on Ethereum, Base, Solana, and Arbitrum for enhanced stability. A source claimed Ethena was the second-fastest crypto startup to $100 million in revenue, though no 2025 figures or LTM details provided. Post-raise, ENA token (15 billion total supply, ~3.1 billion circulating, $1.3 billion market cap per CoinMarketCap) dropped over 50% from year-start levels to near $0.42 amid market declines, despite the fundraise. Ethena maintains USDe is fully collateralized despite incidents like a $1.4 billion Bybit breach with minimal exposure. The project positions iUSDe to bridge TradFi and DeFi high-yield opportunities under regulatory compliance. |
| Apr 2024 | Secondary | Paradox.investments | $300K | - | - |
| Feb 2024 | Seed | Galaxy Digital; Arthur Hayes; Putnam Premier IT; BH Digital; Hashed; Dragonfly; Maelstrom; Avon Ventures; CMT Digital; philip morris | $14M | $300M | Ethena completed a $14 million strategic funding round in February 2024 led by Dragonfly Capital, with participation from Bybit, OKX, Deribit, and Gemini. The round valued the Ethereum staking protocol at $300 million post-money. According to founder and CEO Guy Young, the company received $50 million in commitments but closed the round at $14 million due to sufficient capital on hand. The fundraising was structured as a simple agreement for future equity (SAFE) with token warrants. Ethena offers three primary products: USDe, a delta-neutral synthetic dollar stablecoin with embedded yield; Internet Bonds, globally accessible floating and fixed-rate USD-denominated bonds allowing investors to earn through staked USDe (sUSDe); and Repo Financing. The USDe stablecoin achieved over $224 million in total value locked following its public launch in February 2024 after operating in stealth mode since December 2023. Internet Bonds historically delivered annualized returns of 12-20% over the preceding two years by capturing both staked ether yield and futures market basis. |
| Jul 2023 | Seed | Dragonfly (lead); Arthur Hayes; Wintermute Ventures; Putnam Premier IT; BitMEX; Maelstrom; Gemini Space Station; GSR; Bybit; Daniel Dizon; OKX; Deribit | $7M | - | Ethena is a Portugal-based startup developing an Ethereum-based stablecoin secured by derivatives and an internet savings bond. The company raised $6 million in a seed funding round in July 2023 led by Dragonfly, with participation from Arthur Hayes and his family office Maelstrom, as well as Deribit, Bybit, OKX, Gemini, and others. The funds are intended to support the launch of its stablecoin and bond asset in the third quarter of 2023. Dragonfly general partner Tom Schmidt described Ethena's stablecoin as the 'holy grail' for being truly stable, decentralized, and capital-efficient. A later $14 million strategic round in February 2024, co-led by Dragonfly and Maelstrom, valued the company at $300 million, but this is a different round. |
Who has invested in Ethena?
26 investors have backed Ethena across its funding rounds, including Putnam Premier IT, Dragonfly, Maelstrom, MEXC Ventures, Arthur Hayes and F-Prime.
Lead investors include Coinbase Ventures, MEXC Ventures, M2 Capital and Dragonfly.
Ethena Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 United States | 3 | Participant | Jul 2023 | |
| San Francisco, CA | 3 | Lead | Jul 2023 | |
 Victoria | 2 | Lead | Mar 2025 | |
| Arthur Hayes |  Hong Kong | 2 | Participant | Jul 2023 |
| Hong Kong | 2 | Participant | Jul 2023 | |
| New York City, NY | 1 | Participant | Feb 2024 | |
 London | 1 | Participant | Jul 2023 | |
| San Francisco, CA | 1 | Participant | Feb 2025 | |
| Victoria | 1 | Participant | Jul 2023 | |
| London | 1 | Participant | Feb 2024 | |
| San Francisco, CA | 1 | Participant | Feb 2024 | |
| San Francisco, CA | 1 | Lead | Jun 2026 | |
| United States | 1 | Participant | Jul 2023 | |
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Start Free TrialEthena Competitors
Ethena competitors include listed companies like ProCap Financial and Bakkt, and private ones like American Perpetuals Exchange Corporation, Analog, Bitlayer and dappOS.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| American Perpetuals Exchange Corporation | New York City, NY | Private | - | - | $300M | - |
| Newark, NJ | Private | - | - | $300M | - | |
 Singapore | Private | - | - | $300M | - | |
| Hong Kong | Private | - | - | $300M | - | |
| United States | Publicly listed | - | - | $304M | - | |
| United States | Publicly listed | $2.3B | ($98M) | $336M | 0.2x |
Ethena Public Comps
Ethena is still privately-owned, but its public comps include ProCap Financial, Chaince Digital, Bakkt, Coincheck Group, Capital B, Wewards, DeFi Technologies, Exodus Movement, StableCoinX and OranjeBTC.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $2M | ($3M) | 148.5x | - | (97.3x) | - | |||
| $2.3B | ($98M) | 0.1x | 0.2x | (2.9x) | (27.3x) | |||
| $3.1B | $354K | 0.2x | 0.2x | 1312.3x | (189.0x) | |||
| $13M | ($5M) | 6.6x | 6.6x | (15.9x) | (15.7x) | |||
| - | ($77K) | - | - | (2932.9x) | - | |||
| $76M | $70M | 1.0x | 1.4x | 1.1x | (16.5x) | |||
| $122M | ($21M) | 1.4x | 1.4x | (8.0x) | (13.8x) | |||
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Common questions about Ethena
| When was Ethena founded? | Ethena was founded in 2023. |
| Where is Ethena headquartered? | Ethena is headquartered in Lisbon, Portugal. |
| Is Ethena publicly listed? | No, Ethena is a private, VC-backed company. |
| What is Ethena's valuation? | Ethena was last valued at $300M in its seed round in February 2024. |
| How much funding has Ethena raised? | Ethena has raised $207M across 7 funding rounds. |
| What was Ethena's last funding round? | Ethena's last funding round was a undisclosed-stage round in June 2026, led by Coinbase Ventures. |
| Who are Ethena's investors? | Ethena's investors include Putnam Premier IT, Dragonfly, MEXC Ventures, Arthur Hayes, Maelstrom, Galaxy Digital, Wintermute Ventures, Pantera Capital, BitMEX, BH Digital and 16 others. |
| What is Ethena's revenue? | Ethena's latest recorded revenue is $112M (February 2024). |
| What is Ethena's revenue multiple? | Ethena's latest valuation implies a 2.7x revenue multiple ($300M valuation on $112M of revenue). |
| Which companies are comparable to Ethena? | Companies comparable to Ethena include American Perpetuals Exchange Corporation, Analog, Bitlayer, dappOS, ProCap Financial and Bakkt. |
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