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StablecoinX discloses that it holds approximately 20% of ENA’s total supply, with a current value exceeding $250 million.

1 hours ago

ENA treasury firm StablecoinX (USDE) released its first quarterly results since going public. As of the end of Q2 2026, the company held approximately 3 billion ENA tokens, accounting for roughly 20% of ENA’s total supply. Valued at over $250 million at current prices, based on 24 million Class A outstanding shares as of the quarter end, this translates to roughly $9.09 per share. Following the announcement, StablecoinX’s stock rose more than 12% in early Friday trading. StablecoinX posted a net loss of $34.2 million in Q2, with most of the loss stemming from a $36.2 million impairment on its ENA holdings. The company’s operations remain in the early stages; infrastructure service revenue for the final two weeks of June totaled just $62,372, while its decentralized validator nodes have processed over $3 billion in cumulative cross-chain volume. StablecoinX began trading on the Nasdaq under the ticker symbol USDE on June 26. Approximately 285 million of its ENA treasury tokens came from the Ethena Foundation, while another 2.75 billion were acquired via cash and in-kind investments from PIPE financing.

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