StablecoinX put a hard number on its Ethena bet this week, and the number cuts against its own share price. In a quarterly update dated August 14, the Nasdaq-listed company said it held roughly 3.029 billion ENA at the end of June, about 20% of the token's total supply. At today's ENA price near $0.0836, that pile is worth close to $253 million. The company's entire stock is worth about $87 million.
So the market is paying roughly 34 cents for every dollar of ENA the firm sits on. A treasury company is supposed to trade at a premium to what it holds, because investors are betting the managers can grow the stack faster than they could themselves. StablecoinX trades at a deep discount to it.
The stock fell while the treasury barely moved
StablecoinX reached Nasdaq in late June through an $890 million PIPE, raised across two rounds in July and September of 2025, with investors handing over ENA rather than cash. At closing the treasury was valued near $275 million on a 30-day average price. By June 30 the same tokens were marked at $218.4 million, or $9.09 per share against the 24 million Class A shares then outstanding.
The stock now sits around $2.90. That is a third of the book value the company reported six weeks ago, and the gap is not because the tokens collapsed. ENA is up slightly since June 30. The discount widened because buyers walked away from the wrapper, not the asset inside it.
Dilution is part of the picture. The share count has climbed from 24 million Class A shares at the merger toward 30 million now as warrants convert, so the same treasury is spread thinner across more paper even while the token holds firm. Every conversion is another claim on a stack the market already refuses to pay full price for.
Sixty-two thousand dollars
The other figure worth sitting with is revenue. StablecoinX booked $62,372 in the second quarter, all of it from two weeks of infrastructure services after the merger closed. Against that it reported a net loss of $34.2 million and a loss of $15.27 per share. The business, for now, is a holding vehicle with a staking yield attached. Its sUSDe position earned about 4.1% over July.
| Metric | Figure |
|---|---|
| ENA held | About 3.029 billion (roughly 20% of supply) |
| ENA value today (at $0.0836) | About $253 million |
| Market capitalization (August 14) | About $87 million |
| Implied value on the treasury | About 34 cents on the dollar |
| Q2 2026 revenue | $62,372 |
| Q2 2026 net loss | $34.2 million |
It is not the only one
Discounts like this are spreading across the digital-asset treasury trade. Roughly 40% of Bitcoin treasury companies now change hands below the value of the coins on their books, a reversal from the premiums that defined the sector a year ago. Twenty One Capital's premium slid to 1.07 times its holdings earlier this month, and even Strategy sold Bitcoin at a loss to keep a dividend running. StablecoinX is the same story in a sharper form, because its single asset is a mid-cap token rather than Bitcoin, and mid-caps are where the exit gets crowded first.
There is a concentration wrinkle too. Measured against ENA in circulation rather than total supply, StablecoinX controls closer to 31% of the float. That is a lot of one token in one Nasdaq shell that the market has decided to price at a third of its worth. For a company built to fund the dollar-token market Ethena is chasing, the treasury was meant to be the easy part. Right now it is the only part investors can see, and they are marking it down anyway.
