Key Highlights
- StablecoinX held approximately 3.03 billion ENA as of June 30.
- The company reported a $34.2 million Q2 net loss, largely due to a $36.2 million impairment charge on digital assets.
- Its ENA treasury was valued at approximately $218.4 million at the June 30 market price.
StablecoinX Inc. reported a $34.2 million net loss for the second quarter of 2026 as the Nasdaq-listed company disclosed an ENA treasury large enough to equal nearly one-third of the token’s current circulating supply.
The company held approximately 3.029 billion ENA at the end of June. CoinGecko currently estimates ENA’s circulating supply at 9.828 billion tokens, putting StablecoinX’s holdings at the equivalent of roughly 31% of circulating supply. The position also represents about 20.19% of ENA’s total 15 billion supply.
StablecoinX disclosed the figures on August 14 in its first quarterly results since completing its business combination with TLGY Acquisition Corporation on June 25. Its Class A shares began trading on Nasdaq under the ticker USDE on June 26.
The company reported to SEC, $232.6 million in total assets as of June 30, including $212.9 million in digital intangible assets and $18.9 million in cash and cash equivalents. Their balance sheet was dominated by its ENA position, while its operating business remained relatively small.
$36.2M digital asset impairment drives loss
StablecoinX’s Q2 loss was primarily linked to accounting treatment for its digital assets.
The company recorded a $36.2 million impairment charge on digital intangible assets during the quarter. That charge pushed the company to a $34.2 million net loss despite generating just $62,372 in revenue from infrastructure services.
StablecoinX reported an adjusted non-GAAP net loss of approximately $188,204 after excluding certain changes in the fair value of digital assets, liabilities, and warrant liabilities.
The distinction is important because the reported loss does not mean StablecoinX spent $34.2 million in cash during the quarter. A significant portion came from accounting adjustments associated with its digital-asset holdings.
StablecoinX holds 3.03B ENA
The company held approximately 3.03 billion ENA at the end of June.
The treasury included 284.95 million ENA contributed by the Ethena Foundation and roughly 2.75 billion ENA obtained through cash and in-kind investments from PIPE investors involved in the business combination.
Based on ENA’s June 30 closing price of $0.07204, StablecoinX valued the treasury at approximately $218.4 million.
The company said the ENA holdings represented roughly $9.09 per outstanding Class A share at the end of the quarter.
That market-value figure differs from the company’s balance-sheet treatment, where the digital assets were recorded at cost less impairment.
ENA falls 4% but remains above StablecoinX’s Q2 valuation
StablecoinX’s results come as ENA trades below the level used to value its treasury at the end of June.
According to CoinGecko data on August 13, ENA was trading at around $0.0829, down roughly 4% over 24 hours but still roughly 15% above the $0.07204 price StablecoinX used to calculate its June 30 treasury value.
Corporate crypto treasuries face accounting pressure
StablecoinX’s results arrived shortly after several other publicly traded companies reported large quarterly losses linked to their digital-asset holdings.
MARA Holdings reported a $611 million Q2 loss on August 7, with fair-value changes involving its Bitcoin holdings contributing heavily to the result.
Earlier, Strategy (MSTR) reported an $8.2 billion Q2 loss, with the vast majority attributed to non-cash changes in the fair value of its Bitcoin holdings. The company also reported that its Bitcoin stack had fallen below its aggregate purchase cost.
Meanwhile, American Bitcoin reported a $57.2 million Q2 loss on August 3 while increasing its Bitcoin treasury to 8,002 BTC and reporting an 8% increase in revenue.
The companies have different business models, but their results highlight the same accounting issue: companies holding large amounts of crypto can report substantial quarterly losses when asset prices or valuations move against them, even when the underlying assets are not sold.
StablecoinX has more than a treasury strategy
Unlike a pure crypto holding company, StablecoinX is also developing infrastructure businesses around the Ethena ecosystem.
Its Decentralized Verifier Node (DVN) had processed more than $3 billion in cumulative verified cross-chain volume by August 12, according to the company.
The network had also verified and delivered more than 10,000 cross-chain messages.
StablecoinX generated $62,372 from infrastructure services during the final two weeks of June, although that revenue remains small compared with the value of its ENA treasury.
Harness platform adds another revenue track
The company launched the initial phase of its StablecoinX Harness middleware platform on July 2.
Harness is designed to provide enterprises and institutions with a single API layer for stablecoin integrations. StablecoinX said it signed its first client on July 10 and later opened applications for a design partner program covering payments and agents, networks and protocols, and institutions and ecosystem.
The company has also said it plans to develop a distribution business around Ethena’s products, although that segment is not expected to launch until 2027 and remains subject to market and regulatory conditions.
ENA remains the main risk and opportunity
StablecoinX’s first results as a public company show a business with a substantial concentration in one digital asset.
The approximately 3.03 billion ENA treasury gives shareholders significant exposure to the Ethena ecosystem, but it also means token-price movements can materially affect the company’s financial position.
The Q2 results illustrate that exposure clearly: a relatively small operating business was accompanied by a large accounting loss stemming primarily from the valuation of digital assets.
For StablecoinX, the coming quarters will therefore depend on two separate developments: whether its infrastructure businesses can generate meaningful revenue and how the market values its large ENA position.
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