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According to CoinDesk, Ethena has reached a $1 billion credit partnership with digital asset prime broker FalconX, deploying USDe synthetic dollar collateral assets into the institutional credit sector. According to the announcement, the financing will be used to fund over-collateralized loans originated by FalconX, with use cases including trading strategies, corporate treasury management, and payments. The loan collateral will be custodied by third-party custodians, and Ethena holds first-priority security interests.
Odaily News Cryptocurrency institutional brokerage firm FalconX has announced a $1 billion secured lending facility (warehouse financing facility) with stablecoin protocol Ethena. The two parties will utilize Ethena's USDe reserve assets through a special purpose vehicle (SPV) to provide overcollateralized credit services to institutional clients.According to the announcement, this facility will connect Ethena's on-chain liquid assets with FalconX's institutional lending demand, channeling on-chain capital into traditional credit markets. Loan assets will be held by qualified custodians, with FalconX responsible for asset origination, loan servicing, and collateral management.Ethena is the developer of the USDe stablecoin protocol. USDe maintains its dollar-pegged stability through crypto asset collateralization and hedging mechanisms, and has already partnered with multiple centralized exchanges and DeFi protocols. FalconX, meanwhile, is a digital asset prime broker serving institutional investors, offering trading, financing, and liquidity services. (PRNewswire)
Digital asset prime broker FalconX will acquire blockchain infrastructure company bloXroute. By combining bloXroute's network technology with FalconX's institutional trading platform, FalconX will accelerate the development of new trading, financing, and prime brokerage capabilities.
According to CoinDesk, cryptocurrency trading firm FalconX has confidentially filed a draft S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) and engaged investment banks including Cantor to prepare for its initial public offering (IPO). Sources familiar with the matter said that, due to market conditions, FalconX’s listing is not expected before later this year. Founded in 2018, FalconX primarily provides institutional clients—including hedge funds, asset management firms, and market makers—with digital asset prime brokerage, trade execution, liquidity access, credit, and clearing services. The company raised $150 million in its Series D funding round in 2022, achieving an $8 billion valuation.
Hut 8 announced its subsidiary has entered into a $200 million, 364-day bitcoin-backed credit agreement with FalconX to replace the previous financing arrangement from Coinbase Credit. The new financing carries an annualized fixed interest rate of 7.0%, a reduction of 200 basis points from the previous 9.0% rate on the Coinbase facility. During the period from December 2023 to March 2025, this financing cost had reached as high as 10.5%–11.5%, meaning cumulative reductions of up to 450 basis points, demonstrating continued progress in optimizing debt costs.Following this refinancing, approximately 3,300 BTC held by Hut 8 have been converted to an unencumbered state, valued at approximately $260 million based on market capitalization as of May 1, 2026. This significantly enhances the flexibility and liquidity capacity of its balance sheet. Additionally, the credit structure maintains key risk control provisions, including a limited recourse structure, a no-rehypothecation clause, and a fixed LTV threshold design to avoid triggering additional margin calls in the event of a decline in bitcoin prices.Hut 8 management stated that this financing not only reduces capital costs but also releases more unencumbered bitcoin assets, helping to enhance capital allocation flexibility across different market cycles. FalconX emphasized that this transaction reflects its growing capability in providing institutional-grade bitcoin credit solutions. (PRNewswire)