StablecoinX Shares Rise 12% After Disclosing Major ENA Token Holdings

StablecoinX saw its shares climb more than 12% after reporting its first quarterly results as a public company. The report revealed the firm holds roughly 3 billion ENA tokens, representing about 20% of total supply and valued at more than $250 million at current prices.

Net Loss Driven by Unrealized Token Losses

The company posted a $34.2 million net loss for the quarter, largely tied to unrealized losses on its ENA holdings rather than operating performance. Its core business remains early stage, generating just over $62,000 in infrastructure revenue during the final two weeks of the quarter, though its verification network has processed more than $3 billion in cross-chain volume.

Public Listing Capped Major Fundraising Effort

StablecoinX began trading on Nasdaq in late June following a merger that brought its ENA treasury together from token allocations and a large investment offering. The listing followed a funding push that raised close to $900 million total, with backing from several major crypto investment firms.