StablecoinX shares rose more than 12% at Friday’s open after the company published its first quarterly results as a publicly traded company. The Nasdaq-listed firm, which trades under the ticker USDE, disclosed that it held approximately 3 billion ENA at the end of June.
The position represents roughly 20% of the total supply of ENA, the governance token of Ethena. StablecoinX also reported a $34.2 million net loss for the quarter, although most of the loss came from an impairment charge on its ENA holdings.
USDE shares climbed as high as $2.94 during the session. The stock later gave back most of its initial gains and returned to around $2.60.
StablecoinX holds approximately 3 billion ENA
According to StablecoinX’s financial results published on Aug. 14, the company’s treasury contained approximately 3.03 billion ENA as of June 30. The Ethena Foundation contributed 284,954,407 of those tokens.
The remaining 2.75 billion ENA came from cash and in-kind investments made by PIPE investors. PIPE transactions allow investors to provide capital directly to a publicly traded company.
StablecoinX valued its ENA treasury at $218.4 million as of June 30. The company based the calculation on ENA’s closing price of $0.07204 on that date.
The position represented approximately $9.09 in ENA value for each of the company’s 24,029,375 outstanding Class A shares. However, this calculation does not independently account for the company’s debts, other liabilities or the discount assigned by the market.
Movements in the ENA price directly affect the current value of the treasury. The $218.4 million figure therefore represents a snapshot as of June 30 rather than a fixed valuation.
ENA drove the $34.2 million net loss
StablecoinX reported a net loss of $34,180,809 for the second quarter. A $36,201,740 impairment charge on the company’s digital assets accounted for most of the reported loss.
The charge does not mean StablecoinX sold its ENA or lost the same amount in cash. Instead, the accounting entry reflects the decline in the balance-sheet value of the company’s digital assets following the drop in ENA’s price.
StablecoinX reported an adjusted loss of $188,204 after excluding the impairment and fair-value changes associated with its digital assets and warrant liabilities. The difference shows that token prices and related accounting effects drove most of the reported net loss.
The company had $232.6 million in total assets at the end of the quarter. The figure included $18.9 million in cash and cash equivalents, along with $212.9 million in digital assets recorded after impairment.
Operating revenue remains limited
StablecoinX’s operating business remains at an early stage. The company generated only $62,372 in infrastructure services revenue during the final two weeks of June.
Its decentralized verifier node had processed more than $3 billion in cumulative verified cross-chain volume as of Aug. 12. The system also handled more than 10,000 cross-chain messages.
The company launched the initial phase of its StablecoinX Harness middleware platform on July 2. Designed to combine enterprise stablecoin integrations through a single API layer, the platform signed its first client on July 10.
StablecoinX also plans to launch a Distribution Services segment in 2027. Subject to market and regulatory conditions, the business would provide investors with indirect exposure to the USDe ecosystem.
The Nasdaq ticker should not be confused with the stablecoin
StablecoinX completed its merger with TLGY Acquisition Corp. on June 25. Its Class A shares and warrants began trading on Nasdaq one day later under the tickers USDE and USDEW, respectively.
The USDE ticker refers to StablecoinX shares. Ethena’s dollar-pegged stablecoin is styled USDe, while ENA serves as the ecosystem’s governance token.
StablecoinX’s financial position therefore remains highly exposed to ENA’s price. A rally in the token could increase the market value of its treasury, while a sharp decline could produce further impairment charges and weaker reported results.
Holding one-fifth of the ENA supply also creates significant concentration risk. StablecoinX shareholders gain substantial exposure to the growth of the Ethena ecosystem, while also assuming the price volatility and project-specific risks associated with a single token.
