StablecoinX shares jump 12% after revealing it holds 20% of Ethena's ENA token supply.
DeFi & Yields ·
StablecoinX, a treasury company linked to Ethena, disclosed a 20% stake in ENA token supply, equivalent to 3 billion ENA tokens valued at $218.4 million. The revelation drove StablecoinX's own shares up 12% following the announcement.
The stake represents a substantial portion of Ethena's circulating token base and underscores the financial link between the two entities. However, StablecoinX reported a net loss of $34.2 million in the second quarter, largely driven by digital-asset impairment charges, signaling underlying financial pressures despite the positive market reaction to the ENA position disclosure.
The full strategic implications of the stake—including potential governance influence, lock-up terms, or planned deployment of the tokens—remain unclear from available reporting. The timing and context of when StablecoinX acquired this position have not been detailed.