Ethena Buys Out Seed Investors, Buybacks Need USDe to Nearly Double

This move signals a shift in Ethena's capital structure, as the foundation absorbs seed investor positions to consolidate control, but the buyback mechanism's high threshold suggests token demand is currently insufficient to support it. The fee switch vote becomes more consequential, as it could alter revenue flows, yet even with approval, the supply gap remains a binding constraint. Watch whether USDe growth accelerates organically or if the foundation adjusts incentives, as the buyback's feasibility hinges on that expansion.