StablecoinX Shares Jump 12% on 20% ENA Treasury Disclosure

StablecoinX is a listed infrastructure and software company built around Ethena’s digital-dollar ecosystem, giving public-market investors indirect exposure to ENA, the protocol’s governance token. The company completed its combination with TLGY Acquisition Corp. on June 25, 2026, and began trading on Nasdaq under the symbol USDE the following day. Its treasury strategy links the stock’s value closely to Ethena products including USDe.

On Aug. 14, StablecoinX reported that it held about 3 billion ENA tokens as of June 30, equal to roughly 20% of total supply. The position was valued at $218.4 million using ENA’s quarter-end price of $0.07204, or about $9.09 per Class A share. StablecoinX shares jumped as much as 12% following the disclosure. The company reported $232.6 million of total assets, including $18.9 million in cash, and a quarterly net loss of $34.2 million.