StablecoinX shares jump 12% after revealing 3B ENA treasury worth $218M

StablecoinX shares rose 12 percent Friday after the treasury company disclosed a 3 billion-token ENA position worth $218.4 million, about 20 percent of total supply.

"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," Edward Chen, chief executive officer of StablecoinX, said.

The company reported a $34.2 million net loss for the quarter, or $15.27 per share, with nearly all of the deficit driven by a $36.2 million non-cash impairment charge on digital intangible assets. Excluding that charge and changes in warrant liabilities, adjusted non-GAAP net loss was $188,204. Infrastructure services generated $62,372 in revenue during the final two weeks of June. Total assets stood at $232.6 million, including $18.9 million in cash and $212.9 million in digital intangible assets.

The ENA position makes StablecoinX's asset value and reported results closely tied to the market price of Ethena's governance token on Ethereum. The company's decentralized verifier node has surpassed $3 billion in cumulative cross-chain volume, and its Harness middleware platform signed its first client on July 10. A third business line, Distribution Services, is planned for 2027.

The treasury was assembled through the company's merger with TLGY Acquisition Corp, which closed June 25. Roughly 284.95 million ENA tokens came from the Ethena Foundation, while another 2.75 billion came from cash and in-kind investments by PIPE participants. The Nasdaq listing under the ticker USDE followed a fundraising push that began last year, with a $530 million PIPE financing announced in September bringing total committed funding to approximately $890 million. YZi Labs, Brevan Howard, Susquehanna Crypto and IMC Trading were among the participants.

"As a 20 percent 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.

The company's operating business remains in early stages. Its decentralized verifier node has verified more than 10,000 messages and surpassed $3 billion in cumulative cross-chain volume as of Aug. 12. The Harness middleware platform, launched July 2, provides a single API for payment routing, cross-chain bridging, liquidity, treasury management and institutional reporting.

Ethena's USDe stablecoin supply stands at approximately $3.95 billion, according to The Block data. The protocol's backing ratio was near 101.7 percent, while the annual percentage yield on sUSDe rose from 3.8 percent to 4.1 percent during July. Ethena has generated more than $800 million in cumulative protocol fees and distributed over $750 million in ecosystem rewards since launch.

Institutional distribution has continued to expand. BlackRock integrated USDe into its Aladdin platform in June, and Coinbase introduced an Ethena-powered lending vault the same month. Ethena added FalconX to an institutional lending program that already included Anchorage Digital, Maple Institutional and Coinbase Asset Management, with institutional lending at approximately $310 million, or 6.9 percent of USDe's backing portfolio.

The company identified ENA volatility, changing regulatory conditions and difficulties launching its planned products as risks that could affect financial performance.

This article is for informational purposes only and does not constitute investment advice.