StablecoinX Quietly Buys 20% Stake in Ethena's ENA Supply

StablecoinX, a New York-based company, has quietly accumulated a significant stake in Ethena's ENA supply. According to its quarterly results for the period ended June 30, StablecoinX holds approximately 20% of Ethena's governance token, ENA.

The ENA tokens were supplied by the Ethena Foundation and PIPE investors through a merger with TLGY Acquisition Corp., which turned a crypto treasury into a listed stock. This has given StablecoinX a significant seat at the table in Ethena's decision-making process.

With $ENA's market value at $218.4 million as of June 30, and accounting rules forcing companies to carry digital assets at cost rather than market value, StablecoinX reported a quarterly loss of $34.2 million due to an impairment charge on its ENA holdings.