StablecoinX holds 3 billion ENA, accounting for 20% of the total supply

StablecoinX, the Nasdaq-listed company focused on the Ethena treasury, holds approximately 3 billion ENA tokens. That is according to the quarterly report for the period ending 30 June 2026. The position represents roughly 20% of the total ENA supply and has a value of approximately $218.4 million.

In brief:

• StablecoinX reports an ENA position of 3 billion tokens, accounting for 20% of the total supply.
• The company records a net loss of $34.2 million in the second quarter of 2026.
• Total assets amount to $232.6 million, of which $18.9 million in liquid assets.

Significant loss due to impairments on digital assets

Despite its substantial ENA position, StablecoinX closes the second quarter with a net loss of $34.2 million. The loss is largely attributable to impairments on digital assets valued at $36.2 million. Such impairment costs arise when the market value of crypto holdings falls below the book value.

GlobeNewswire reports that the company’s total assets amount to approximately $232.6 million. Of that, $18.9 million consists of liquid assets such as cash and readily withdrawable balances. The remainder of the balance sheet consists mainly of ENA tokens.

StablecoinX as an Ethena treasury company

StablecoinX positions itself as a publicly listed company that accumulates ENA, the token of the Ethena protocol. With a stake of 20% of the total supply, the company is one of the largest holders of ENA. This approach resembles the strategy that Strategy (formerly MicroStrategy) employs with Bitcoin: holding large quantities of a single cryptocurrency on the balance sheet through a publicly listed structure.

The Ethena protocol is known for its synthetic dollar USDe, which does not use traditional bank reserves but operates through delta-neutral positions in crypto markets. Whether StablecoinX’s strategy will prove profitable in the long term depends heavily on the price performance of ENA.