Ethena token unlocks

When locked ENA reaches the team, investors and the treasury, by the project’s published vesting schedule: dates, amounts, their share of the circulating supply and who receives them.

Next unlock · In 24 days

December 5, 2026

Medium impact

189.1M
ENA unlocking: 1.4%
of the circulating supply: 1.26%
of the max supply: $29.2M
at the November 9 price

Who receives it

Core contributors93.8M · 50%
Ecosystem development54.7M · 29%
Foundation40.6M · 21%

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15.0B ENA
Max supply: 13.5B ENA
Circulating: 77.9%
Unlocked by schedule: 2.27B ENA
Next 12 months

Unlocked supply over time

15.0B maxToday

20252026202720282029

Unlocked ENA by month under the published schedule, out of a maximum supply of 15.0B. Steps are scheduled unlocks; slopes are continuous vesting.

Scheduled unlocks

Date	Amount	Of circulating	Value	Mostly to
Dec 5, 2026	189.1M	1.4%	$29.2M	Team and contributors
Jan 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Feb 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Mar 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Apr 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
May 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Jun 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Jul 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Aug 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Sep 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Oct 5, 2027	189.1M	1.4%	$29.2M	Team and contributors
Nov 5, 2027	189.1M	1.4%	$29.2M	Team and contributors

And 5 more scheduled unlocks through April 5, 2028, 851.6M ENA in all.

Value at the November 9, 2026 price; share against the circulating supply on that day.

Price and unlock dates

$0.340$0.0712

DecFebAprJunAugOctDecFebApr

Past unlockComing unlockDot size follows the unlock’s share of the max supply. Daily closes in US dollars.

Price around past unlocks

Over 31 past unlocks, ENA moved a median −4.2% against bitcoin in the week before and −0.3% in the week after, lagging it after 52% of them. In an ordinary week, tokens in our unlock price study moved −2.5% against bitcoin.

Unlock	Of supply	Week before	Day	Week after
Oct 5, 2026	10.63%	−13.8%	+4.2%	+1.6%
Sep 5, 2026	1.78%	−2.1%	+5.4%	−10.7%
Aug 5, 2026	1.78%	+10.4%	−0.9%	−1.7%
Jul 5, 2026	1.78%	−2.5%	+1.5%	+0.5%
Jun 5, 2026	1.78%	+20.2%	+4.5%	−15.0%
May 5, 2026	1.78%	−9.5%	+8.0%	+26.1%
Apr 5, 2026	1.78%	−13.0%	−2.0%	+11.3%
Mar 5, 2026	1.78%	+0.4%	+0.5%	−7.3%
Feb 5, 2026	1.78%	−4.5%	−0.7%	−8.4%
Jan 5, 2026	1.78%	+16.4%	−1.7%	−8.3%
Dec 5, 2025	1.78%	−1.6%	−5.3%	−7.1%
Nov 5, 2025	1.78%	−20.8%	+1.9%	−4.4%

Each move is ENA’s change minus bitcoin’s over the same days, from daily closes. Past moves do not predict future ones.

Where the supply goes

Core contributors30.0%

Investors25.0%

Ecosystem development17.5%

Foundation15.0%

Launch airdrop7.5%

Season 2 airdrop5.0%

Share of the maximum supply by recipient, as the project publishes it.

Where the schedule comes from

We work the dates out from Ethena’s own vesting rules, checked against these sources on November 9, 2026:

Investor unlocks ended on October 5, 2026, when Ethena released all remaining investor tokens at once; it did not say how many that was, and the Foundation had bought part of them back.

The day of the month (the 5th) follows Ethena’s own filing; the docs give months only.

Questions people ask

On or around December 5, 2026: 189.1M ENA, about 1.4% of the circulating supply, mostly to team and contributors.

About 2.27B ENA in 12 scheduled unlocks, worth about $350.0M at the November 9, 2026 price.

15.0B ENA by its vesting schedule, of which about 13.5B were circulating on November 9, 2026.

Not necessarily. Unlocked tokens can be sold, and large unlocks to investors and early contributors are watched for that reason, but recipients often hold or stake, and markets usually know the date well in advance.

Other upcoming unlocks

Also on the schedule: Sui, Ondo, Pyth Network, EigenCloud, Avalanche, Worldcoin, Celestia and ZetaChain.

All tokens on upcoming token unlocks; CPI, FOMC and options expiries on the crypto calendar.

Every ENA you hold, in one number

TrueHold adds up ENA across your wallets and exchange accounts, so you know your exposure before the next unlock.

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Information only, not financial advice. Dates from Ethena’s published vesting rules, checked November 9, 2026; prices as of November 9, 2026. The project’s own announcements are final. TrueHold is not affiliated with Ethena.