Janus Henderson has acquired ENA, the governance token of the Ethena protocol, and added the protocol's stablecoin, USDe, to its corporate treasury. The $350 billion asset manager is also working with Ethena to develop crypto exchange-traded products, according to a statement this week.
The ENA acquisition
The purchase gives Janus Henderson a direct stake in Ethena's ecosystem. ENA holders vote on protocol upgrades and risk parameters. The firm didn't disclose the size of the position or the price it paid.
USDe as a reserve asset
Adding USDe to the treasury is a logistical shift. Janus Henderson will hold the stablecoin alongside traditional cash equivalents. The move signals confidence in Ethena's backing mechanism — USDe is collateralized by crypto assets and hedged via futures. It's not the first major fund manager to park reserves in a digital dollar, but it's one of the larger balance sheets to do so.
Crypto ETP development
Janus Henderson and Ethena are exploring a suite of crypto ETPs. No specific products or launch dates have been announced. The partnership puts Janus Henderson in competition with firms like BlackRock and Fidelity, which already offer spot bitcoin and ether ETFs. Ethena's technology could underpin yield-bearing versions — something the market has been watching since the SEC approved ether ETFs back in 2024.
The timing matters. Regulatory clarity in the U.S. has improved over the past two years, but the SEC still hasn't blessed staking or yield products inside ETPs. Janus Henderson and Ethena are effectively betting that the rules will allow it — or that they can find a compliant workaround.
