Ethena is a DeFi protocol built around USDe, a yield-bearing synthetic dollar that combines stablecoin demand with derivatives-based hedging strategies to generate yield. The protocol also issues a governance token, ENA, which recently received a strategic investment from Janus Henderson. Ethena has grown into one of the larger DeFi platforms, managing about $5 billion in assets after reaching roughly $15 billion during last year’s market rally. The company has been deepening ties with traditional finance through partnerships and investments, including deals with Coinbase Ventures and Anchorage Digital. Ethena is being considered by institutional partners for treasury cash allocation and potential distribution of USDe via exchange-traded investment products.

Total raised

$140M

Funding rounds

5

Latest round

Equity

Latest activity

Sep 2025