StablecoinX, a Nasdaq-listed Ethena treasury company, disclosed on Friday that it held approximately 3 billion ENA tokens as of June 30, representing about 20% of the cryptocurrency’s total supply. The disclosure, first highlighted by CryptoTwitter commentator @WuBlockchain, helped push StablecoinX shares up more than 12% in early trading.
According to its first quarterly results as a public company, the ENA position was valued at roughly $218.4 million at quarter-end, while at current prices it is worth more than $250 million. StablecoinX said the ENA treasury was worth around $9.09 per share based on 24 million Class A shares outstanding. The company reported total assets of about $232.6 million, including $18.9 million in cash.
StablecoinX posted a net loss of $34.2 million for the second quarter, driven almost entirely by unrealized losses on its ENA holdings. Its operating business remains early-stage, generating just $62,372 in infrastructure services revenue during the final two weeks of June. However, the company said its decentralized verifier node has surpassed $3 billion in cumulative cross-chain volume.
"Our first quarter end as a public company reflects the successful close of our business combination and our emergence as one of the first publicly traded companies providing public market investors and financial institutions with exposure to the growth opportunity in yield-bearing digital dollar products," said StablecoinX CEO Edward Chen.
StablecoinX began trading on the Nasdaq under the ticker USDE on June 26 after completing a merger with TLGY Acquisition Corp a day earlier. The ENA treasury was part of that transaction, with roughly 285 million tokens coming from the Ethena Foundation and another 2.75 billion coming from cash and in-kind investments from a PIPE offering. The listing capped a fundraising push that began last year, including a $530 million PIPE financing that brought total funding to nearly $900 million, with participation from YZi Labs, Brevan Howard and Susquehanna Crypto.
Chen emphasized that as a 20% holder of ENA’s total supply, StablecoinX and its shareholders stand to benefit from expansion and growth of the Ethena ecosystem. Ethena’s USDe stablecoin supply currently stands at around $3.95 billion, according to The Block data. Traders will likely monitor how StablecoinX’s large treasury position affects ENA liquidity, market sentiment and volatility.
