UK Bank Initiates Ethena Coverage, Sees 600% Upside by 2028

A UK bank initiated coverage on Ethena (ENA), projecting over 600% appreciation by 2028, driven by USDe expansion and a new buyback program. The call implies a valuation premium over Bitcoin and Ethereum, though the bank's identity and methodology are undisclosed. This is a single-analyst view, not a market consensus, and carries high uncertainty.