ArkStream Capital: An additional $10 million investment in Ethena stems from structural breakthroughs in both product and capita
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最新报道：According to a report from Bijie.com, ArkStream Capital invested an additional $10 million in Ethena in August 2025, adding to its long-term investment of $5 million in its first round of funding in December 2024. This increase in holdings stems from Ethena's structural breakthroughs in both its product and capital markets. ArkStream believes that Ethena's investment logic is clear, both in the short and long term: Short-term (tactical): USDe has grown into DeFi's largest yield-generating capital reservoir. Medium-term (structural): Ethena's capital structure has been integrated with traditional markets. Long-term (paradigm): The most critical turning point came with the official implementation of the sENA fee switch. The three activation metrics set by the Risk Committee (USDe circulation, cumulative revenue, and CEX coverage) have now all been met, particularly with USDe's listing on Binance, which fulfills the final coverage requirement. In ArkStream's view, Ethena is more than just a stablecoin protocol; it serves as a bridge between crypto-native returns and traditional capital markets. When the product sets the right base rate and the capital structure provides institutional access to US stocks, ENA's value capture has cross-cycle scalability. Choosing to invest at this point in time is a decisive step in supporting Ethena's transition from PMF to CMF.
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