Arthur Hayes buys $1M in ENA ahead of Hyperliquid vote
BitMEX and Maelstrom co-founder Arthur Hayes bought about $995,000 worth of Ethena (ENA) tokens over the past two days, according to Arkham Intelligence data.
On Sept. 11, Hayes purchased 578,956 ENA worth $473,000, after previously acquiring another 672,800 ENA for $521,000. In total, Hayes invested nearly $1M in just 48 hours.
The purchases coincide with Hyperliquid’s preparations for a key validator vote on Sept. 14 to decide who will secure the USDH ticker for a new stablecoin.
Ethena already boasts notable metrics: USDe’s market cap exceeds $13B, with $23B issued and redeemed without incidents. Still, some analysts believe Hayes’s move reflects his personal strategy rather than direct support for Ethena’s bid.
Ethena’s main rivals are Paxos and Native Markets. Paxos, tied to PayPal, has proposed a higher revenue share for the Hyperliquid foundation and secured a listing offer for USDH and HYPE on Kraken.
Meanwhile, Native Markets is seen as the frontrunner: Myriad Markets estimates its chances of winning at 90%. The company proposes a GENIUS-compatible USDH with reserves in cash and Treasuries managed by BlackRock and Superstate.
The purchases coincide with Hyperliquid’s preparations for a key validator vote on Sept. 14 to decide who will secure the USDH ticker for a new stablecoin.
ENA token balance changes on Arthur Hayes’s public wallet. Source: intel.arkm.com
Ethena, backed by BlackRock, plans to use the stablecoin USDtb, redirect 95% of Hyperliquid's revenues to USDtb backing, and cover migration costs for trading pairs currently using USDC. FalconX called it “a strong bid from one of the fastest-growing projects.”
Ethena already boasts notable metrics: USDe’s market cap exceeds $13B, with $23B issued and redeemed without incidents. Still, some analysts believe Hayes’s move reflects his personal strategy rather than direct support for Ethena’s bid.
Ethena’s main rivals are Paxos and Native Markets. Paxos, tied to PayPal, has proposed a higher revenue share for the Hyperliquid foundation and secured a listing offer for USDH and HYPE on Kraken.
Meanwhile, Native Markets is seen as the frontrunner: Myriad Markets estimates its chances of winning at 90%. The company proposes a GENIUS-compatible USDH with reserves in cash and Treasuries managed by BlackRock and Superstate.
The Sky team, led by the legendary Rune Christensen, also joined the race.
The final outcome will depend on how validators allocate stake votes. The results will be pivotal for the future of the USDH stablecoin within the Hyperliquid ecosystem.
