Summary
- StablecoinX shares gained more than 12% as its treasury reached approximately three billion ENA tokens, representing about 20% of supply.
- Company reported $34.2 million quarterly loss, largely driven by unrealized ENA losses, while treasury valuation exceeded $250 million at current prices.
- StablecoinX generated $62,372 in infrastructure revenue, while its decentralized verifier node surpassed $3 billion in cumulative cross-chain transaction volume during quarter.
StablecoinX shares gained more than 12% as investors assessed the company’s substantial exposure to the Ethena ecosystem. The Nasdaq-listed company revealed that its treasury holds approximately 3 billion ENA tokens, representing about 20% of total supply. At current market prices, StablecoinX valued those holdings at more than $250 million.
Moreover, the company estimated its ENA position was worth roughly $9.09 for each outstanding Class A share. StablecoinX had approximately 24 million Class A shares outstanding at the end of the second quarter. The disclosure gives shareholders significant indirect exposure to ENA through a publicly traded company. Consequently, movements in ENA could materially affect StablecoinX’s reported financial performance and treasury valuation.
StablecoinX reported a quarterly net loss of $34.2 million in its first results following its public market debut. However, unrealized losses related to its ENA holdings accounted for nearly the entire quarterly loss.
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StablecoinX Builds Major ENA Position Following Nasdaq Listing
StablecoinX started trading under the USDE ticker on Nasdaq on June 26 following its merger with TLGY Acquisition Corp. Its large ENA treasury formed a central component of the transaction that brought the company onto public markets. Approximately 285 million ENA tokens came from the Ethena Foundation as part of the arrangement.
Additionally, another 2.75 billion tokens came through cash and in-kind investments connected with the company’s private investment financing. StablecoinX previously secured $530 million through PIPE financing, bringing its overall funding to nearly $900 million. Investors included YZi Labs, Brevan Howard, and Susquehanna Crypto.
CEO Edward Chen linked the company’s shareholder proposition directly to the development and expansion of the wider Ethena ecosystem. He noted that StablecoinX holds approximately one-fifth of ENA’s total token supply.
Infrastructure Business Remains at an Early Stage
Meanwhile, the company’s operating business remains relatively small compared with the value of its digital asset treasury. StablecoinX generated $62,372 from infrastructure services during the final two weeks of June.
Nevertheless, its decentralized verifier node has processed more than $3 billion in cumulative cross-chain volume, based on the company’s quarterly disclosure. Ethena’s USDe stablecoin supply stands at approximately $3.95 billion, highlighting the broader ecosystem supporting StablecoinX’s ENA-focused strategy.
StablecoinX’s quarterly figures therefore underline how closely its financial profile remains connected with ENA. Its 20% supply position makes token valuation a significant factor for shareholders assessing the Nasdaq-listed company.
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