The firm holds 3 billion Ethena governance tokens valued at $275 million amid a broader crypto market downturn.
StablecoinX will debut on Nasdaq Friday, backed by a $275 million stake in Ethena governance tokens (ENA). The company holds 3 billion ENA, roughly 20% of the total supply, following a $360 million capital raise to acquire the asset.
ENA tokens currently trade at $0.08, down 94% from their April 2024 peak. The broader crypto market has declined 52% this year, with $2.3 trillion erased since October, pressuring crypto-related listings.
Pre-merger shares of TLGY fell 6.93% Thursday to close at $9.40 on OTC markets.