Asset management giant Janus Henderson Investors announced a strategic investment in Ethena, and the two parties have reached multiple cooperation agreements

Janus Henderson Investors, managing assets of $480 billion, announced a multi-faceted collaboration with the synthetic dollar protocol Ethena.

• Integrating its AAA-rated collateralized loan obligation (CLO) product JAAA strategy into the USDe reserve portfolio, introducing institutional-grade credit exposure.
• Making a strategic investment in Ethena's governance token ENA through its blockchain investment division ANTIK, with the amount undisclosed.
• Committing to incorporate the staked version of sUSDe into the company's financial cash management to earn native protocol yields.
• Both parties will jointly develop regulated investment tools for USDe and ENA (including ETFs and ETPs), aiming for a launch in the second half of 2026.

According to DefiLlama data, the Ethena protocol's TVL is approximately $4.95 billion. Following the announcement, the market reaction was muted, with ENA dropping about 7% to around $0.082, giving it a market capitalization of approximately $760 million. This collaboration makes Janus Henderson the traditional asset management company with the deepest integration with Ethena to date.

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