StablecoinX reports $218.4M ENA treasury in first quarterly results

Nasdaq-listed StablecoinX has reported its first quarterly results since merging with TLGY Acquisition Corp., revealing a treasury of approximately 3 billion ENA tokens. This holding represents about 20% of the total ENA supply and was valued at $218.4 million as of June 30.

The company reported a net loss of $34.2 million for the second quarter, primarily driven by $36.2 million in digital-asset impairment charges. Total assets reached $232.6 million, consisting largely of digital intangible assets representing ENA.

Following the disclosure, StablecoinX shares rose more than 12% during U.S. trading. CEO Edward Chen stated that the company aims to expand access to Ethena’s digital-dollar products, noting that increased circulating supply of USDe drives revenue into the Ethena ecosystem.