StablecoinX shares climbed more than 12% following the company's quarterly results announcement and disclosure of its substantial ENA token treasury. According to reports from crypto.news and The Block, the Nasdaq-listed company disclosed holding approximately 3.029 billion ENA tokens, representing about 20% of ENA's total 15 billion-token supply. Using ENA's current prices, StablecoinX valued this position at $218.4 million, translating to approximately $9.09 per Class A share based on the 24,029,375 outstanding shares on that date. The company began trading on the Nasdaq under the ticker USDE on June 26 after completing a merger with TLGY Acquisition Corp. The ENA treasury composition includes approximately 284.95 million tokens from the Ethena Foundation and 2.75 billion tokens from private investment in public equity participants. As reported by crypto.news, the ENA treasury position represents approximately 20% of the token's entire 15 billion supply, making StablecoinX by far the largest single holder outside of the protocol's own treasury and vesting contracts.
For the three months ended June 30, StablecoinX recorded a net loss of $34.2 million, equivalent to $15.27 per share. As reported by crypto.news, most of this loss stemmed from a $36.2 million impairment charge tied to digital intangible assets rather than operational spending. After excluding the impairment and changes in digital asset-related instrument values, the company calculated an adjusted non-GAAP net loss of $188,204. StablecoinX used $81,680 in cash for operating activities during the first six months of 2026, with revenue remaining limited due to infrastructure operations only beginning to generate income near the end of the reporting period. However, the company showed initial revenue of $62,372 from infrastructure services during the final two weeks of June. The company expects 3% revenue growth and 5% non-GAAP EPS growth in 2026, fueled by energy, AI, and federal modernization efforts.
StablecoinX generated $62,372 in revenue from infrastructure services during the final two weeks of June, with no revenue reported from other planned business lines. According to crypto.news, the company operates a decentralized verifier node that has verified more than 10,000 messages and surpassed $3 billion in cumulative cross-chain volume as of August 12. During July, StablecoinX began rolling out its StablecoinX Harness middleware platform, signing its first client eight days after the initial launch on July 2. The company also opened applications for a design partner program covering payments, blockchain networks, and institutional users, with a third business line, Distribution Services, planned for 2027. The Ethena Foundation has committed to ongoing collaboration with StablecoinX, including alignment of incentives with shareholders and potential token buybacks. This setup offers institutional investors regulated equity exposure to Ethena without direct token custody or DeFi complexity.
StablecoinX reported total assets of $232.6 million at quarter-end, including $18.9 million in cash and cash equivalents. As reported by crypto.news, the company's balance sheet carried $212.9 million in digital intangible assets, consisting mainly of ENA recorded at cost after impairment. The financing behind the acquisition included a $360 million PIPE round, with the Ethena Foundation anchoring that raise with a $60 million ENA contribution. Analyst Barrington raised ICF International's price target to $110, suggesting a 24.45% upside from the current price of $88.39. The ENA treasury position represents approximately 20% of the token's entire 15 billion supply, making StablecoinX by far the largest single holder outside of the protocol's own treasury and vesting contracts.
