TheBlock
StablecoinX (USDE) shares climbed more than 12% in early Friday trading after the newly public Ethena-focused treasury company filed its first quarterly results, revealing it holds roughly 20% of the total ENA token supply. The position spans approximately 3 billion ENA, valued at more than $250 million at current prices, or about $9.09 per share across its 24 million Class A shares outstanding at quarter-end. The company reported a $34.2 million net loss for the quarter, nearly all of it from unrealized marks on its ENA holdings. Operating revenue is still nascent: just $62,372 in infrastructure services during the final two weeks of June, the first stretch after the company's Nasdaq debut on June 26.
Why it matters
StablecoinX completed its business combination with TLGY Acquisition Corp on June 25 and began trading the next day under the USDE ticker, making it one of the first publicly traded vehicles giving traditional investors direct exposure to a yield-bearing synthetic-dollar protocol. The ENA treasury was assembled through a PIPE financing that ultimately pulled in $530 million in September, with roughly 285 million tokens contributed by the Ethena Foundation and 2.75 billion coming from cash and in-kind commitments from PIPE backers. Total funding for the build-out reached nearly $900 million, with participation from YZi Labs, Brevan Howard, and Susquehanna Crypto.
The position makes StablecoinX the largest disclosed holder of ENA, and the quarterly readout signals that public-market vehicles are willing to warehouse concentrated governance exposure to a still-young DeFi protocol. Ethena's USDe stablecoin supply sits at roughly $3.95 billion, and the protocol's decentralized verifier node has crossed $3 billion in cumulative cross-chain volume.
Market impact
CEO Edward Chen framed the structure as a way for shareholders to ride the growth of the underlying ecosystem rather than rely on operating earnings, noting StablecoinX and its shareholders stand to benefit from expansion of the Ethena ecosystem.
Frequently asked questions
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How much ENA does StablecoinX hold?
StablecoinX disclosed it holds roughly 3 billion ENA tokens, equivalent to about 20% of total supply. At current prices the position is valued at more than $250 million.
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Why did StablecoinX shares jump 12% on Friday?
Shares climbed after the company's first quarterly results revealed the size of its ENA treasury and confirmed its status as one of the first publicly traded vehicles with direct exposure to Ethena's yield-bearing USDe ecosystem.
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When did StablecoinX start trading on Nasdaq?
StablecoinX began trading on Nasdaq under the USDE ticker on June 26, after completing its business combination with TLGY Acquisition Corp a day earlier.
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Who funded StablecoinX's ENA treasury?
The treasury was assembled through a PIPE financing that raised $530 million in September, bringing total funding to nearly $900 million. Participants included YZi Labs, Brevan Howard, and Susquehanna Crypto.
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Why did StablecoinX report a net loss in its first quarter?
The $34.2 million net loss came almost entirely from unrealized marks on its ENA holdings rather than operating expenses. Infrastructure services revenue was just $62,372 during the final two weeks of June.
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