StablecoinX: ENA Treasury Reaches 3.0B Tokens, About 20% of Supply

StablecoinX now holds approximately 3.03 billion ENA “as a result of the Closing,” according to a June 25, 2026 SEC Form 8-K (StablecoinX Inc.).

The filing states this represents approximately 39.4% of the approximately 7.69 billion ENA currently in circulating supply and approximately 20% of the approximately 15 billion ENA currently in existence (SEC Form 8-K).

CoinGecko’s treasuries dashboard shows StablecoinX Inc holds 3,029,000,000 ENA (acquired 2026-06-25), valued at $252.2M and listed as 20.193% of ENA’s total supply (CoinGecko). ENA is the governance token of the Ethena protocol and has a fixed maximum supply of 15 billion tokens (SEC Form 8-K).

Data Snapshot

MetricCurrentPreviousChangePeriodAs ofSourceENA treasury (post-closing)approximately 3.03 billion ENA——As a result of the ClosingJune 25, 2026SEC Form 8-K (StablecoinX Inc.)Share of circulating supply (post-closing)approximately 39.4% of the approximately 7.69 billion ENA currently in circulating supply——As a result of the ClosingJune 25, 2026SEC Form 8-K (StablecoinX Inc.)Share of total ENA in existence (post-closing)approximately 20% of the approximately 15 billion ENA currently in existence——As a result of the ClosingJune 25, 2026SEC Form 8-K (StablecoinX Inc.)Total ENA Holdings (CoinGecko)3,029,000,000 ENA——Transaction shown on CoinGecko treasuries page (2026-06-25)June 25, 2026CoinGecko — StablecoinX Inc treasuries page% of Total Supply (CoinGecko)20.193%——As shown on CoinGecko treasuries pageJune 25, 2026CoinGecko — StablecoinX Inc treasuries pageTotal Treasury Value (CoinGecko)$252.2M——As shown on CoinGecko treasuries pageJune 25, 2026CoinGecko — StablecoinX Inc treasuries page

What changed in StablecoinX’s ENA position

Post-closing, StablecoinX’s ENA treasury stands at approximately 3.03 billion tokens. The company’s 8-K characterizes that stake as approximately 39.4% of the approximately 7.69 billion ENA in current circulation and approximately 20% of the approximately 15 billion ENA in existence (SEC Form 8-K).

On a public tracker, CoinGecko lists 3,029,000,000 ENA for StablecoinX, a $252.2M total treasury value and 20.193% of ENA’s total supply, figures that are consistent with the filing’s approximate percentages (CoinGecko).

What drove the shift: the closing disclosed in the 8-K

The company attributes the position to the Closing completed on June 25, 2026, as disclosed in its Form 8-K (SEC Form 8-K). CoinGecko’s treasuries page also records the transaction date as 2026-06-25 (CoinGecko).

Because ENA has a fixed maximum supply of 15 billion tokens, any large treasury balance translates into a material share of the token base (SEC Form 8-K). That supply design frames the significance of the reported percentages.

What the concentration can signal, and what it cannot prove

Confirmed facts

• StablecoinX holds approximately 3.03 billion ENA, equal to approximately 39.4% of circulating supply and approximately 20% of total ENA in existence (SEC Form 8-K).
• CoinGecko shows 3,029,000,000 ENA, a $252.2M total treasury value and 20.193% of total supply (CoinGecko).

Reasonable indications

• A high share of circulating supply concentrates governance power potential within a single treasury, since ENA is Ethena’s governance token.
• Float distribution and treasury size may shape market structure and participation dynamics.

What this snapshot does not prove on its own

• Intentions regarding voting, selling, transferring, or locking the tokens.
• Future price direction, liquidity outcomes, or specific market impacts.
• How holdings are distributed across wallets or custodians, or any encumbrances not disclosed in the cited sources.

What to watch next: filings and treasury dashboards

• Any subsequent SEC disclosures from StablecoinX that update the “approximately 3.03 billion ENA” figure or the stated percentages (SEC Form 8-K).
• CoinGecko’s StablecoinX treasuries page for changes to 3,029,000,000 ENA, $252.2M total treasury value, or the 20.193% reading (CoinGecko).
• Adjustments to ENA’s circulating supply that could alter the circulating- and total-supply percentages reported in the filing.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.