The latest example is UAE-based M2 Capital, which has allocated $20 million into Ethena’s governance token, ENA — a move designed to fuse regional wealth with cutting-edge crypto infrastructure.

Rather than being a one-off play, this investment is part of a bigger blueprint. M2 has already supported initiatives such as Sui treasury development, signaling that the firm wants to act as a bridge between regulated finance and the often chaotic world of Web3.

Integrating ENA into its wealth management division, executives say, reflects an ambition to craft a compliant framework for long-term digital growth.

Ethena itself has been on a rapid rise. Launched in 2024, it has quickly amassed more than $14 billion in total value locked, thanks to its dual-token model.

USDe, the protocol’s synthetic dollar, is backed by crypto collateral and hedged against volatility, while its yield-bearing twin, sUSDe, channels returns from derivatives and staking. This design has made Ethena one of the most talked-about projects of 2025.

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Institutional momentum around ENA is accelerating. Earlier this month, ArkStream Capital put forward $10 million, and U.S.-listed Mega Matrix Inc. outlined plans to accumulate governance tokens through a massive $2 billion shelf registration. Exchanges are amplifying this growth as well — Binance revealed that deposits into its USDe Earn product crossed $2 billion within days of launch.

On the market, ENA now boasts a valuation near $4 billion, with daily trading volumes hovering around $375 million. Ethena has even rolled out iUSDe, a tailor-made version for institutions, underscoring its aim to merge decentralized tools with traditional capital markets.

For M2 Capital, the latest commitment is more than just a token purchase. It’s a declaration that the Middle East is positioning itself as a serious player in digital assets, with Ethena emerging as one of the region’s flagship opportunities.

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