StablecoinX (USDE) shares jumped more than 12% in early trading Friday after the newly public Ethena-focused treasury company reported its first quarterly results, revealing it held roughly 20% of the total ENA supply.
StablecoinX (USDE) stock price chart.
Source: Google Finance The company holds approximately 3 billion ENA valued at more than $250 million at current prices.
StablecoinX said the position was worth around $9.09 per share based on its 24 million Class A shares outstanding at quarter-end.
StablecoinX reported a $34.2 million net loss for the quarter, though nearly all of it was driven by unrealized losses on its ENA holdings.
