Ethena has been making a lot of moves lately! Direct investments + distribution channel partnerships—Janus Henderson is the second one now. Last week, it was a partnership with Coinbase, all focused on promoting USDe. First, they’re investing in purchasing ENA tokens. Then, they’re incorporating USDe into treasury cash management and planning to distribute it to institutional users through tools like ETFs. In return, Ethena will allocate a portion of USDe reserve assets from its treasury to Janus Henderson’s tokenized fund. Right now, Ethena’s delta-neutral business accounts for less than 4% of its operations. It’s pretty clear their current goal is to gradually reduce over-reliance on delta-neutral strategies (though they haven’t completely abandoned it). Instead, they’re transitioning it from a core business to a supplementary revenue stream.