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Key Takeaways
- StablecoinX shares jumped 12% after reporting a treasury of roughly 3 billion ENA tokens, about 20% of total supply.
- The company posted a $34.2 million net loss driven almost entirely by impairment charges on that concentrated ENA position.
- The structure gives shareholders leveraged exposure to a single token, with results tracking ENA’s price rather than the early-stage operating business.
StablecoinX shares rose more than 12% in early trading Friday as the Ethena-focused treasury company reported its first quarterly results as a public company, confirming a treasury of roughly 3 billion ENA tokens, about 20% of total supply.
StablecoinX Reports $212.9 Million in ENA Alongside a $34.2 Million Loss
The company reported total assets of $232.6 million as of June 30, including $18.9 million in cash and equivalents and $212.9 million in digital intangible assets covering its ENA position, carried at cost less impairment.
StablecoinX held about 3.03 billion ENA. At the time checked, that position was worth roughly $230 million, or about $9.60 per publicly traded Class A share, based on about 24 million Class A shares outstanding. The company also has roughly 3.16 million Class B shares outstanding.
StablecoinX posted a $34.2 million net loss for the quarter, driven almost entirely by a $36.2 million digital asset impairment charge on the ENA holdings.
The operating business remains early. Infrastructure services generated $62,372 in revenue during the final two weeks of June. StablecoinX began trading on Nasdaq on June 26, leaving only a few public-company trading days in the quarter. Its decentralized verifier node has surpassed $3 billion in cumulative verified cross-chain volume since inception.
SPAC Merger Delivered the Treasury in June
StablecoinX began trading under the ticker USDE a day after closing its business combination with TLGY Acquisition Corp. Warrants trade under USDEW.
The ENA treasury came as part of that transaction. Roughly 285 million tokens came from the Ethena Foundation. The remainder came through PIPE-related cash and ENA contributions tied to the business combination.
The listing capped a fundraising effort that began last year. A $530 million PIPE announced in September brought total funding to nearly $900 million, with participation from YZi Labs, Brevan Howard and Susquehanna Crypto.
CEO Says Every Dollar of New USDe Supply Benefits StablecoinX Shareholders
CEO Edward Chen framed the quarter as the company’s arrival as a public vehicle for exposure to yield-bearing digital dollar products.
“As a 20% holder of the total supply of ENA tokens, StablecoinX and its shareholders stand to benefit through the expansion and growth of the Ethena ecosystem.”
Chen said every additional dollar of USDe in circulation drives incremental revenue into the Ethena ecosystem. Under the company’s thesis, that revenue is expected to reach ENA holders through an allocation mechanism, meaning growth in USDe supply would translate into value accruing to StablecoinX’s treasury position rather than to its operating business.
A Single Token Drives the Entire Balance Sheet in Both Directions
The structure gives StablecoinX shareholders leveraged exposure to a single token. The $36.2 million impairment recorded in the quarter illustrates how directly the company’s reported results track ENA’s price rather than its own business performance.
Ethena’s USDe stablecoin supply stands at around $3.95 billion, down from levels reached in late 2025. ENA has fallen sharply from its April 2024 high, which is what produced the impairment charge against a treasury acquired at higher prices.
