StablecoinX holds roughly 3.03 billion ENA tokens as of June 25, according to a SEC Form 8-K filing. That position equals about 39.4% of ENA's circulating supply and roughly 20% of the maximum 15 billion tokens the Ethena protocol will ever issue.
What the 8-K shows
The filing, dated June 25, 2026, discloses the holdings in connection with a Closing completed that same day. The form lists the ENA balance as approximately 3,030,000,000 tokens, which works out to about 39.4% of the 7.69 billion ENA currently in circulation, according to the company's figures. The exact terms of the transaction weren't detailed, and the filing doesn't name the counterparty or explain the nature of the Closing.
ENA's fixed supply
ENA is the governance token of the Ethena protocol, and its supply is capped at 15 billion. That cap means StablecoinX's stake represents one-fifth of every ENA that will ever exist. The token's purpose is to let holders vote on protocol decisions, and a concentrated position of this size gives StablecoinX substantial voting power if it chooses to use it.
A concentrated position
The size of the stake stands out because of the fixed supply. With 20% of all tokens, StablecoinX could influence governance votes on its own, though the filing gives no hint of how the firm intends to exercise that power. Neither the 8-K nor any public statement from StablecoinX indicates whether it will hold, sell, or deploy the tokens for proposals.
CoinGecko's tally
Market tracker CoinGecko puts StablecoinX's ENA holdings slightly lower at 3,029,000,000 tokens, valued at $252.2 million. That works out to 20.193% of total supply. The small gap between the two figures likely reflects rounding in the company's filing. CoinGecko's valuation is based on its listed price at the time of the update, though the filing itself doesn't state a dollar amount.
The 8-K is a regulatory disclosure, but it leaves the big questions open. StablecoinX hasn't said why it accumulated the position, who sold it, or what it plans to do next. The only concrete date on the record is June 25, the day the Closing happened. Whether the firm will file further disclosures or make a public statement about its ENA holdings remains unclear.
