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Coinbase backs Ethena
Coinbase Ventures backed Ethena by buying ENA tokens on the open market as the protocol prepared to roll out a Coinbase integration next week for Coinbase’s 100 million-plus users.
“Coinbase Ventures just took a position in Ethena that looks nothing like the standard venture playbook”
Ethena founder Guy Young said on X, "Excited to partner with Coinbase for the first time to support their dollar savings products," adding that "The upcoming integration next week will be the first time Ethena products are available for their 100m+ user base."
CoinDesk reported that Coinbase Ventures said Tuesday it had backed Ethena by purchasing ENA tokens on the open market and that Ethena products will become available to Coinbase’s 100 million-plus users through a new service launching next week.
CoinDesk also tied the announcement to Ethena’s broader expansion, noting that the protocol expanded its partnership with Anchorage Digital to support institutional lending activity.
Token reaction and details
Following the news, ENA surged, with CoinDesk saying the token "surged 20% following the news before paring gains" and also reporting it was "up 3% over the past 24 hours" despite a broader crypto market pullback.
CoinGape described the move as a partnership that caused ENA price to rise by almost 10%, and it quoted Ethena’s statement on social media: "Ethena and Coinbase have partnered to grow on-chain finance and savings products for their 100m+ userbase, with the first growth initiative launching next week."
CoinGape further said Coinbase Ventures’ investment was its first investment in Ethena and that the purchase was done on the open market instead of being sold to the public for a discount.
CoinDesk reported that while neither company disclosed details of the upcoming product, investors speculated the partnership could significantly expand Ethena’s distribution.
Institutional lending and stakes
Beyond the Coinbase integration, Ethena and Anchorage Digital expanded their partnership to support institutional lending, with Anchorage managing collateral for Ethena’s loan investments through its Atlas platform.
“Coinbase Ventures has made its first investment in Ethena through an open market purchase of ENA, placing the venture arm directly into the market for the protocol’s governance token”
Anchorage CEO Nathan McCauley said in a statement, "Institutions want access to crypto-native capital, but not at the cost of custody, controls, or operational rigor," as the arrangement aimed to let borrowers keep assets in custody rather than moving them onchain.
CoinDesk reported that Anchorage Digital Bank already serves as the U.S. issuer of Ethena’s USDtb stablecoin, while the same report said the Coinbase integration was expected to launch next week.
CoinDesk also placed the timing alongside lawmakers debating the CLARITY Act, quoting Guy Young that the legislation could create additional tailwinds for onchain-native assets such as USDe, Ethena’s synthetic dollar token.
