Arthur Hayes splashes $1M on Ethena ahead of Hyperliquid USDH vote

Arthur Hayes, co-founder of Maelstrom’s crypto investment fund, has purchased close to $1 million in Ethena tokens before the upcoming decisive vote on the USDH stablecoin on ￰1￱ validators prepare to vote on the Hyperliquid stablecoin USDH ￰2￱ to Arkham data, Hayes bought several tranches of ENA within a 48-hour window. 578,956 ENA tokens valued at $473,000 were purchased on Wednesday, September 11, plus an earlier buy of 672,800 ENA tokens worth about $521,000. The total accumulation shown amounts to approximately $995,000 in ENA tokens purchased this ￰3￱ validators to vote on USDH stablecoin on Sunday According to Arkham Intelligence data , Arthur Hayes’ wallet transacted on several tokens, including ENA , ETH, and ￰4￱ the past 17 hours, he transferred 1.54 million USDC, 578,956 ENA, and 1.22 million USDC into the ￰5￱ also purchased 322,456 and 322,373 ENA tokens in subsequent buys, bringing the total accumulation in just two days to approximately 1,223,815 ENA tokens, which is worth about $995,000.

Arthur Hayes( @CryptoHayes ) spent 1.02M $USDC to buy 1.34M $ENA again in the past 8 hours and currently holds 4.45M $ENA (3.48M). ￰0￱ ￰6￱ — Lookonchain (@lookonchain) September 9, 2025 Ethena is also contending for the Hyperliquid USDH stablecoin, which has a scheduled vote on Sunday this week among other ￰7￱ firm proposed to use its USDtb stablecoin to validate USDH using BlackRock’s BUIDL ￰8￱ proposal will offer 95% of revenue to support Hyperliquid and cover the costs of moving trading pairs from ￰9￱ Lawant, head of research at FalconX, described Ethena’s proposal as the strongest bid among the contenders, citing the firm’s market cap of over $5.39 billion and its $11.73 billion ￰10￱ , on the other hand, has a market cap of $18.48 billion and $55.34 billion in ￰11￱ Ong, founder of HypurrCollective, disagreed that personal purchases don’t mean a direct vote of ￰12￱ said that Hayes’ purchases reflect only personal positioning and not Ethena’s backing of the USDH ￰13￱ HypurrCollective founder noted that the decision on USDH stablecoin will depend on Ethena’s USDtb alignment with the USDH stablecoin, staker support, and the perceived long-term value for the ecosystem.

Paxos, which is backed by PayPal, has also submitted a revised proposal that pledges a larger share of reserve yield to Hyperliquid’s Assistance ￰14￱ PayPal-backed firm also announced that it had received an offer from Kraken exchange to list USDH and ￰15￱ process is pending standard review procedures, with free on and off-ramp. Ethena’s DeFi market share expands with over $13B in TVL Native Markets submitted a proposal that touches on GENIUS-compliant USDH and is managed via Stripe’s ￰16￱ submission also proposed a reserve in cash and Treasuries overseen by BlackRock and ￰17￱ proceeds would be split evenly between the Hyperliquid Assistance Fund and ecosystem growth.

Sky, the firm that issues USDS, Frax Finance, which proposed a bank-partnered initiative, and Agora, which pledged to channel all net revenue back into Hyperliquid, are some other contenders participating in the Sunday ￰18￱ Hayes purchased 2.16 million ENA tokens worth over $1 million in ￰19￱ accumulation coincided with a 16% price jump for ENA and a daily trading volume of $1.59 ￰20￱ has a market cap of $5.39 billion and a daily trading volume of $708.1 million, down 46.35% in the last 24 ￰21￱ token has also recorded an 11% upward movement in the last 7 ￰22￱ has also shown interest in the ENA token, showing growing investor participation in the Ethena ￰23￱ reported recently that StablecoinX raised $890 million to purchase and manage ENA tokens via a treasury ￰24￱ strategy aims to acquire $5 million worth of ENA tokens daily over six weeks and accumulate approximately 8% of the circulating ￰25￱ DeFi footprint has also expanded, with a TVL of more than $13 ￰26￱ crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites