StablecoinX bets on Ethena ecosystem with Nasdaq debut
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- StablecoinX holds approximately 3 billion Ethena governance tokens (ENA) — roughly 20% of the token's total supply — valued at about $275 million.
- StablecoinX announced a $360 million capital raise on Sunday to purchase additional ENA tokens.
- ENA trades at $0.08, down 94% from its April 2024 all-time high, leaving the treasury heavily underwater at current prices.
- The company operates three business lines: a decentralized verifier node (DVN) for cross-chain messaging, a middleware stack called "Stablecoin Harness," and distribution services still in development.
- The broader crypto market has tanked 52% since October, with $2.3 trillion exiting the space — a backdrop the article flags as challenging for StablecoinX's Nasdaq debut.
- Pre-merger entity TLGY fell 6.93% on Thursday in OTC trading, closing at $9.40 according to Google Finance.
Why it matters: StablecoinX's Nasdaq debut arrives with crypto SPACs already punished by a 52% market drawdown and $2.3 trillion in outflows since October. Concentrating 20% of ENA's total supply into a single treasury while the token sits 94% below its peak concentrates the downside — and a $360 million raise to buy more of the same asset deepens that exposure at the worst possible moment for the sector.
Ask SkimNews
