StablecoinX tells its investors it owns 20% of ENA. Measured against the tokens actually trading, the figure is closer to a third. The Nasdaq-listed vehicle held about 3.0 billion ENA at the end of Q2, and it calls that a 20% stake because Ethena's total supply is 15 billion. Only 9.83 billion of those circulate. Three billion against the float is roughly 31%.
The gap is not cosmetic. A share of total supply counts tokens that are not released yet, including allocations still locked in the schedule. What overhangs the market is the float, and there StablecoinX is the largest single holder of tradeable ENA by a wide margin. One public company, formed in a June business combination, sits on close to a third of everything that can change hands.
| ENA supply | Tokens | StablecoinX 3.03B is |
|---|---|---|
| Total / max supply | 15.0B | about 20% |
| Circulating float | 9.83B | about 31% |
The stake was underwater by the time it was reported
StablecoinX valued the holding at $218.4 million on June 30, using an ENA price of $0.07204, and reported net asset value of $9.09 per share across 24.03 million Class A shares. The position closed on June 25. By the quarter's end the company was already carrying a loss on it, an ENA impairment held at cost less writedown under the accounting rules. The token has not rescued the mark since. ENA trades near $0.084 now, down 8.4% on the week and flat over the month, with a market value around $826 million.
Where the float went
About 284.95 million of the tokens were contributed by the Ethena Foundation. The other 2.75 billion came from PIPE investors putting in cash and tokens. So a large slice of the float moved off the open market and onto one balance sheet in a single transaction, then got marked down within days. That is a different animal from a protocol treasury that earns its stack over time. StablecoinX holds governance ENA, not the yield-bearing sUSDe, so the 4.1% staking return quoted around Ethena does not reach these tokens. It is a wager on price and governance weight, financed by outside investors and booked at a loss on day one.
Concentration is the part to watch. Metaplanet's reported holdings drew scrutiny this month when the chain showed less than the release claimed, and Solana just saw a single provider clear a fifth of its stake. ENA now has one listed company holding close to a third of its float, bought in a single deal and already impaired, in the same stretch other treasury vehicles came up short of the targets they announced.