Janus Henderson Takes Ethena Stake, Plans USDe ETF

Janus Henderson is a traditional asset manager overseeing about $480 billion, while Ethena is built around the synthetic dollar USDe and governance token ENA. Janus Henderson’s direct investment in ENA and the inclusion of one of its strategies in Ethena’s reserves signal deeper traditional-finance involvement in DeFi assets and governance. The moves could also have broader significance for stablecoins entering regulated markets.

Under the latest partnership, Janus Henderson has taken a position in ENA and plans to launch a regulated ETF linked to USDe and ENA in the second half of 2026, expanding access for institutional investors. Ethena will also add Janus Henderson’s JAAA strategy to its reserve assets. The size of the ENA investment and the ETF’s exact listing date have not been disclosed.