This Public Company Quietly Controls 20% of Ethena's ENA Supply

Key Takeaways

• StablecoinX reported 3 billion ENA tokens, roughly 20% of ENA supply, in its latest operations report.
• The $218.4 million ENA treasury ties StablecoinX to Ethena’s $3.9 billion USDe market.
• Investors will watch StablecoinX’s 2027 distribution plan and future ENA impairment charges.

The New York company disclosed the stake with results for the quarter ended June 30. StablecoinX started trading as USDE on June 26, one day after closing its merger with TLGY Acquisition Corp., turning a crypto treasury into a listed stock.

ENA is Ethena’s governance token, the asset used to vote on certain protocol choices and, under Ethena’s framework, potentially capture a share of ecosystem economics. In plain terms, StablecoinX is not merely building around Ethena. It now owns a seat at the table.

A Large Bet on Ethena

The Ethena Foundation supplied 284.95 million ENA tokens, while PIPE investors supplied roughly 2.75 billion more in cash and tokens through the merger. That is not a passive allocation. It is a concentrated wager on the project behind USDe.

At ENA’s June 30 closing price of $0.07204, StablecoinX put the treasury’s market value at $218.4 million. The balance sheet showed $212.9 million because accounting rules force the company to carry these digital assets at cost, less write-downs, rather than simply marking them to the market each day.