StablecoinX surges after 3B ENA holding, Nasdaq debut

StablecoinX holds 3B ENA tokens (20% of supply), valued at $218.4M. Shares rose 12% after disclosure. Q2 net loss: $34.2M; total assets: $232.6M.

StablecoinX, now trading on Nasdaq under the ticker USDE, has revealed it holds approximately 3 billion ENA tokens, accounting for about 20% of the total ENA supply. This significant position, valued at $218.4 million as of June 30, was accumulated through contributions from the Ethena Foundation and PIPE investors. The company recently completed a business combination with TLGY Acquisition Corporation, making it one of the first public firms to provide traditional capital markets exposure to the digital dollar ecosystem. Following this announcement, StablecoinX shares surged over 12%. Despite the positive market reaction, StablecoinX reported a Q2 net loss of $34.2 million, primarily due to a non-cash impairment charge. The company’s total assets stand at $232.6 million, including $18.9 million in cash. The substantial ENA holding is expected to impact market dynamics, trading strategies, and governance within the crypto ecosystem.