# Ethena Proposes Sending 95 Percent of Revenue to Token Buybacks and Ending Investor Lockups Early

The buybacks would only begin once its synthetic dollar reaches $7.5 billion in circulation, nearly double the $4.06 billion outstanding now.

- Published: 2026-08-28T05:39:41.604Z
- Canonical: https://polylog.news/crypto/2026-08-28/ethena-proposes-sending-95-percent-of-revenue-to-token-buyba
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk](https://www.coindesk.com/markets/2026/08/27/ethena-surges-as-buyback-vote-vc-unlock-overhaul-boost-token-outlook), [CoinDesk (majors)](https://www.coindesk.com/markets/2026/08/28/bitcoin-holds-usd80-000-solana-leads-majors-higher-before-warsh-s-jackson-hole-debut)

Ethena has put a package of changes to its token holders that rewrites how value reaches the ENA token. A governance vote open through September 2 would direct 95 percent of net revenue across all business lines under the Ethena brand into…

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