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Following
ENA StablecoinX shares surged 12%, ENA treasury reserves reaching 20% of total supply.
StablecoinX shares rose more than 12%, as its treasury reserves have accumulated approximately 3 billion ENA tokens, accounting for 20% of total supply. The company reported a quarterly loss of $34.2 million, mainly due to unrealized losses on ENA positions, which at current prices places its treasury valuation of more than $250 million. StablecinX's infrastructure business revenue was US$62,372, and its decentralized verification node's cumulative cross-chain transaction volume exceeded US$3 billion during the quarter.
StablecoinX shares rose more than 12% as investors assess the company's significant exposure to the Ethena ecosystem. The Nasdaq-listed company disclosed that its treasury holds approximately 3 billion ENA tokens, accounting for approximately 20% of the total supply. Based on current market prices, StablecoinX values these positions at more than $250 million.
In addition, the company estimates the value of its ENA position at approximately US$9.09 per outstanding Class A common share. As of the end of the second quarter, StablecinX had approximately 24 million Class A common shares outstanding. This disclosure allows shareholders to indirectly hold significant exposure to ENA through a listed company. As a result, price fluctuations in ENA could have a significant impact on StablecinX's financial results and treasury valuation.
StablecoinX reported a quarterly net loss of US$34.2 million in its first earnings report after listing. However, unrealized losses related to its ENA positions accounted for almost the entire quarter's loss.
StablecoinX establishes a large ENA position after listing on Nasdaq
StablecoinX was listed on NASDAQ on June 26 through a merger with TLGY Acquisition Corp with the ticker symbol USDE. Its huge ENA treasury was a core component of the deal that brought the company into the open market. Under the agreement, approximately 285 million ENA tokens will come from the Ethena Foundation.
In addition, an additional 2.75 billion tokens were obtained through cash and physical investments related to the company's private equity financing. StablecoinX previously raised US$530 million through PIPE financing, bringing its total financing to nearly US$900 million. Investors include YZi Labs, Brevan Howard and Susquehanna Crypto.
CEO Edward Chen directly links the company's shareholder value proposition to the development and expansion of the entire Ethena ecosystem. He pointed out that StablecoinX holds approximately one-fifth of the total supply of ENA tokens.
The infrastructure business is still in its early stages
At the same time, the company's operating business remains relatively small compared to the value of the treasury of digital assets. StablecoinX earned US$62,372 in revenue from Infrastructure services in the last two weeks of June.
Still, according to the company's quarterly disclosures, its decentralized verification nodes have processed more than $3 billion in cumulative cross-chain transactions. Ethena's USDe stablecoin supply is approximately US$3.95 billion, highlighting the broader ecosystem that supports StablecoinX's ENA-centric strategy.
As a result, StablecinX's quarterly data highlights the close correlation between its financial condition and ENA. Its 20% supply position makes token valuation an important factor in investors 'evaluation of the Nasdaq-listed company.
