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StablecoinX shares jump after disclosing its 20% ENA holdings

The Ethena-focused treasury company reported a $34.2 million Q2 net loss, largely tied to unrealized impairment on its ENA position.

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StablecoinX, an Ethena-focused treasury company, said it holds roughly 20% of the total ENA supply, a disclosure that helped lift its shares more than 12% in early trading Friday, according to The Block. The company reported it holds about 3 billion ENA tokens, valued at more than $250 million at current prices, and said the stake was worth around $9.09 per share based on 24 million Class A shares outstanding at quarter end. StablecoinX also posted its first quarterly results as a public company, showing a $34.2 million net loss for the quarter, with nearly all of it driven by unrealized losses and a $36.2 million digital asset impairment tied to its ENA holdings, The Block reported. In its early operating period, StablecoinX generated $62,372 in infrastructure services revenue during the final two weeks of June, and it said its decentralized verifier node has surpassed $3 billion in cumulative cross-chain volume. The company began trading on Nasdaq under the ticker USDE on June 26 after a merger completed with TLGY Acquisition Corp the day prior, The Block added.

Latest closeNasdaq Comp. 27,193.34 ▼1.2%

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