[ArkStream Capital: Additional $10 Million Investment in Ethena Stemming from Structural Breakthroughs in Both Product and Capital Markets] According to a report by Jinse Finance, ArkStream Capital has made an additional $10 million investment in Ethena as of August 2025, building on its initial $5 million investment in December 2024 as part of a long-term strategy. This increased investment is driven by Ethena's simultaneous structural breakthroughs in both product and capital markets. ArkStream believes that Ethena's investment logic is very clear across short-term, mid-term, and long-term horizons: Short-term (Tactical Level): USDe has grown into the largest yield-bearing liquidity pool in DeFi. Mid-term (Structural Level): Ethena has achieved coupling with traditional markets in its capital structure. Long-term (Paradigm Level): The most critical turning point comes from the official implementation of sENAfeeswitch. The three activation indicators set by the Risk Committee (USDe circulation, cumulative revenue, and CEX coverage) have all been met, especially with USDe's listing on Binance, completing the final coverage condition. In ArkStream's view, Ethena is not just a stablecoin protocol but a bridging layer between crypto-native yields and traditional capital markets. When the product establishes the correct 'base interest rate' and the capital structure provides a 'regulatory gateway' aligned with U.S. equities, ENA's value capture gains cross-cycle scalability. Choosing this moment to increase investment supports Ethena's decisive step from PMF (Product-Market Fit) to CMF (Capital-Market Fit).