StablecoinX Discloses 3 Billion ENA Tokens in Q2 Report

StablecoinX, a Nasdaq-listed company focused on the Ethena ecosystem, has disclosed a massive treasury holding of approximately 3 billion ENA tokens, representing about 20% of the token's total supply. The position, valued at $218.4 million as of June 30, makes the firm the largest single holder of Ethena's governance token and ties its financial performance directly to the asset's market value.

The disclosure came in the company's second-quarter financial report, its first as a public entity following a merger with special-purpose acquisition company TLGY Acquisition Corp. that closed on June 25. Shares of StablecoinX, trading under the ticker USDE, rose more than 12% in early trading on August 14 following the results.

The ENA treasury is the cornerstone of StablecoinX's strategy. According to the company, the holdings consist of roughly 285 million tokens from the Ethena Foundation and 2.75 billion tokens from private investment in public equity (PIPE) investors. The position was valued using ENA's June 30 closing price of $0.07204. This concentration of tokens creates significant exposure to ENA's price volatility, a risk the company has identified in its filings.