Coinbase Ventures invested in Ethena through an open market purchase of ENA as Coinbase expanded its partnership with the onchain synthetic dollar protocol.

Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m+ userbase, with the first growth initiative launching next week.

Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market. https://t.co/RGPUSlTRdU pic.twitter.com/6tBW404lYv

— Ethena (@ethena) June 2, 2026

The partnership makes Coinbase Ethena’s primary custodian, wallet provider, and perpetuals venue, supporting security and operations across more than $5 billion in assets. Ethena said USDe is also coming to Base and the broader Coinbase ecosystem as the companies move to expand onchain finance and savings products.

Coinbase Ventures said Ethena is a critical player in onchain finance and that it is backing the protocol through its first open market investment in ENA.

The move deepens Coinbase’s relationship with Ethena after Coinbase Prime was selected by Ethena in 2024 to provide custody, USDC, and self custodial wallet services for the protocol.

Ethena founder Guy Young said the upcoming integration will mark the first time Ethena products become available to Coinbase’s user base of more than 100 million. He said the evolving Clarity Act could create further tailwinds for onchain native products such as USDe, particularly around idle balances on exchanges.

ENA, the native token of Ethena, rose more than 15% on the news and was trading near $0.96 at press time, according to CoinGecko data.

Coinbase shares were trading near $173, down about 4% on the day, after opening at $176.85 and touching an intraday low of $171.70, according to Yahoo Finance data.