StablecoinX holds 3 billion ENA tokens, roughly 20% of total supply

StablecoinX, the publicly traded treasury vehicle built around the Ethena ecosystem, now sits on approximately 3.029 billion ENA tokens. That’s about 20% of the token’s entire 15 billion supply, concentrated in a single corporate entity trading on Nasdaq under the ticker USDE. The company’s total assets clock in at roughly $232.6 million, a figure that reflects the gap between today’s ENA price and the valuation at the time of its market debut, when the treasury was pegged at around $275 million using a 30-day volume-weighted average price of approximately $0.0909 per token. How a SPAC became crypto’s newest treasury play StablecoinX came into existence through a SPAC merger that closed around June 25, 2026. The deal structure follows a playbook that should look familiar to anyone who watched MicroStrategy turn its balance sheet into a Bitcoin accumulation vehicle, except this time the target asset is Ethena’s governance token rather than BTC. The financing behind the acquisition included a $360 million PIPE round. The Ethena Foundation itself anchored that raise with a $60 million ENA contribution, effectively seeding the treasury company with tokens at a discount. That foundation...