Ethena treasury company StablecoinX shares jump 12% after revealing 20% stake in ENA supply

StablecoinX (USDE) shares jumped more than 12% in early trading Friday after the newly public Ethena-focused treasury company reported its first quarterly results, revealing it held roughly 20% of the total ENA supply.The company holds approximately 3 billion ENA valued at more than $250 million at current prices. StablecoinX said the position was worth around $9.09 per share based on its 24 million Class A shares outstanding at quarter-end.StablecoinX reported a $34.2 million net loss for the quarter, though nearly all of it was driven by unrealized losses on its ENA holdings.The company's operating business is still in its early stages, generating just $62,372 in infrastructure services revenue during the final two weeks of June. Its decentralized verifier node has surpassed $3 billion in cumulative cross-chain volume, according to the release."Our first quarter end as a public company reflects the successful close of our business combination and our emergence as one of the first publicly traded companies providing public market investors and financial institutions with exposure to the growth opportunity in yield-bearing digital dollar products," StablecoinX CEO Edward Chen said.StablecoinX began trading on the Nasdaq under the ticker USDE on June 26 after completing a merger with TLGY Acquisition Corp a day earlier. Its ENA treasury was part of that transaction, with roughly 285 million tokens coming from the Ethena Foundation and another 2.75 billion coming from cash and in-kind investments from a PIPE offering.The listing capped a fundraising push that began last year as StablecoinX looked to build a large publicly traded ENA treasury. In September, the company announced a $530 million PIPE financing that brought its total funding to nearly $900 million, with participation from YZi Labs, Brevan Howard and Susquehanna Crypto."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.Ethena's USDe stablecoin supply stands at around $3.95 billion according to The Block data.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.