Coinbase Ventures, the investment arm of Coinbase, has purchased Ethena (ENA) tokens on the open market as the two companies prepare to launch an onchain savings product for Coinbase's over 100 million users next week. Ethena founder Guy Young announced the partnership on X, calling it the first time Ethena products will be available to such a large user base. Coinbase is already Ethena's primary custodian, wallet provider, and perpetuals venue, and USDe will be distributed on Base and the wider Coinbase ecosystem. ENA surged 20% on the news before paring gains, up 3% in 24 hours despite a broader market downturn. The investment marks a major endorsement for Ethena, which grew rapidly to $15 billion in assets before declining to $5.3 billion amid reduced demand. The announcement coincides with regulatory debate over the CLARITY Act, which could benefit onchain assets like USDe. The partnership may expand Ethena's distribution beyond DeFi to mainstream brokerage, potentially connecting Coinbase's $19 billion USDC ecosystem with Ethena's yield infrastructure. Separately, Ethena expanded its partnership with Anchorage Digital to support institutional lending, with Anchorage managing collateral through its Atlas platform while keeping assets in custody.

Key facts

• Coinbase Ventures bought ENA tokens on the open market.
• Ethena and Coinbase will launch a savings product next week for 100M+ users.
• ENA surged 20% on the news, up 3% in 24 hours.
• Ethena's assets declined from $15B to $5.3B amid downturn.
• Ethena also expanded partnership with Anchorage Digital for institutional lending.

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