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Ethena unlocks $56.9M ENA tokens on Nov 1, but buyback won't start until USDe supply hits $7.5B

Protocol Fundamentals
21 Oct 2026
CryptoTicker
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Ethena unlocks $56.9M ENA tokens on Nov 1, but buyback won't start until USDe supply hits $7.5B

On November 1, 2026, Ethena will unlock 275 million ENA tokens worth about $56.9 million, making them freely tradable. However, the planned buyback mechanism to support the token price will not activate until the circulating supply of Ethena's dollar token USDe reaches $7.5 billion, currently at $4.66 billion. This means the market will face increased token supply without immediate buyback support, potentially impacting price. Investors should watch the USDe growth and market absorption of the new tokens, as well as regulatory and tax considerations in Germany.

Ethena ENA trades at Rp3.908 on Pluang as of Oct 22, 2026 04:41 WIB, up 10.24% in one day. The market cap stands at Rp52.56 trillion with a 24-hour volume of Rp9.77 trillion. Order activity is balanced at 50% sell and 50% buy, while typical holding time is 45 days. This data shows active trading ahead of the token unlock event on November 1.

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