BitMEX Co-Founder Arthur Hayes Expands ENA Holdings to $3.91M Amid Binance Listing Rally
Former BitMEX executive increases Ethena token position by $467,700 as protocol benefits from major exchange listing and DeFi yield opportunities
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, has purchased an additional 578,956 ENA tokens worth $467,700 from Binance, bringing his total holdings to 5.02 million ENA valued at approximately $3.91 million, according to on-chain data tracked by blockchain analytics firm OnchainLens.
The transaction, executed through Hayes’ wallet address 0x6cd66DbdFe289ab83d7311B668ADA83A12447e21, represents the latest in a series of strategic accumulations of Ethena’s governance token amid bullish developments for the DeFi protocol.
Strategic Accumulation Pattern
Hayes’ latest purchase follows a pattern of aggressive ENA buying that began in August 2025. On September 8, the former BitMEX executive acquired 1.34 million ENA tokens for $1.02 million USDC at an average price of $0.76 per token, executed via transfers to Binance and market maker Flowdesk.
The purchases come after Hayes sold 7.76 million ENA tokens at $0.595 in August, only to re-enter at higher prices around $0.816, demonstrating his conviction in the token’s long-term prospects. Since August 10, Hayes has deployed over $15.4 million into Ethereum ecosystem tokens, with no reported sales of his ENA holdings.
Binance Catalyst Drives Market Momentum
Hayes’ accumulation strategy coincides with significant developments for the Ethena protocol. On September 9, 2025, Binance listed Ethena’s USDe stablecoin with USDC and USDT trading pairs, triggering an 8.3% surge in ENA’s price to a seven-month high of $0.87.
The listing enables what Hayes publicly described as “$500 million of buybacks” for ENA through the protocol’s fee switch mechanism, which redistributes revenue to token holders. Ethena’s USDe stablecoin supply has grown to nearly $13 billion, strengthening the protocol’s position in the competitive stablecoin market.
Market Position and Outlook
Hayes’ ENA holdings now represent a significant portion of his estimated $22.9 million on-chain portfolio, where Ethereum remains the dominant asset at 66%. The BitMEX co-founder has publicly forecasted ENA reaching $1.50, particularly following potential Federal Reserve rate cuts that could drive capital into DeFi yield opportunities like Ethena’s sUSDe product, which offers approximately 7% annual yields.
The sustained accumulation by Hayes, known for his market timing and cryptocurrency expertise, signals institutional confidence in Ethena’s synthetic dollar protocol at a time when traditional stablecoin yields remain compressed.
Broader DeFi Implications
Hayes’ ENA strategy reflects growing institutional interest in alternative stablecoin protocols that offer yield generation without traditional banking dependencies. Ethena’s delta-neutral approach to maintaining USDe’s peg through perpetual futures positions has attracted significant capital, with the protocol becoming one of the largest DeFi ecosystems by total value locked.
The timing of Hayes’ purchases around major exchange listings demonstrates sophisticated market positioning, as increased liquidity and accessibility typically drive broader adoption and price appreciation for emerging DeFi tokens.
As cryptocurrency markets prepare for potential Federal Reserve policy changes, Hayes’ continued accumulation of yield-generating DeFi assets like ENA positions his portfolio to benefit from increased demand for alternative financial products outside traditional banking systems.
This article is based on publicly available blockchain data and market reports. Cryptocurrency investments carry significant risks, and past performance does not guarantee future results.
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