Standard Chartered Is More Bullish On Ethena Than Bitcoin, Ethereum: Sees 7-Fold Jump By 2028

Standard Chartered said Ethena's buyback program and shrinking token supply could support its long-term upside.

• Standard Chartered initiated coverage of Ethena with a $0.42 target for 2026, $1.10 for 2027, and $2 for 2028.
• Analyst Geoff Kendrick noted that Ethena will use 95% of the net revenue to buy back and burn ENA while vesting-related selling pressure is also set to decline.  
• Standard Chartered expects USDe supply to exceed $40 billion by 2028.

Standard Chartered said on Wednesday that Ethena’s ENA (ENA) token could increase about sevenfold to $2 by the end of 2028. The firm initiated coverage of the token with a forecast more bullish than its estimates for Bitcoin (BTC) and Ethereum (ETH).

Standard Chartered’s Geoff Kendrick said in a research note that it predicts ENA to reach $0.42 at the end of 2026 and $1.10 at the end of 2027. 

ENA’s price was up over 4% in the last 24 hours, trading at around $0.2. Standard Chartered’s price target implies an upside of 900% from current levels. On Stocktwits, retail sentiment around Ethena remained in the ‘neutral’ zone, accompanied by ‘low’ chatter levels over the past day.

ENA’s gains would beat Standard Chartered’s forecast gains for both Bitcoin and Ethereum through 2028, the firm said. The bank has predicted Bitcoin will hit $300,000 and Ether $18,000 by the end of 2028. This puts the upside for Bitcoin’s price at over 250% and at 559% for Ethereum from current levels.