StablecoinX holds 20% of ENA supply as shares jump 12%

StablecoinX shares have climbed more than 12% after the Nasdaq-listed company disclosed a 3-billion-token ENA treasury and reported its first quarterly results since going public. Summary StablecoinX held approximately 3 billion ENA tokens, equal to about 20% of the total supply. The ENA treasury was valued at $218.4 million, or about $9.09 per Class A share. StablecoinX recorded a $34.2 million quarterly net loss, largely caused by a non-cash impairment charge. Infrastructure services produced $62,372 in revenue during the final two weeks of June. StablecoinX values its ENA treasury at $218.4 million StablecoinX said in its Aug. 14 quarterly results release that its ENA treasury totaled approximately 3 billion tokens at the end of the second quarter, giving the company control of roughly 20% of ENA’s 15 billion-token supply. Using ENA’s June 30 closing price of $0.07204, StablecoinX valued the position at $218.4 million. The treasury was worth approximately $9.09 for each of the 24,029,375 Class A shares outstanding on that date, according to the company. Around 284.95 million ENA tokens came from the Ethena Foundation as part of StablecoinX’s business combination. Cash and in-kin...