#usdeb Community Insights & Market Sentiment

StablecoinX's $ENA : its calculable average purchase price is approximately $0.244

Based on StablecoinX's public filings:

➤ First PIPE round, 2025/7/21
Acquired approximately 1.2B ENA at an average price of about $0.21

➤ Second PIPE round, 2025/9/5
Acquired approximately 0.9B ENA at an average price of about $0.29

In both cases, it purchased locked-up ENA from the @Ethena Labs Foundation, subject to a 48-month sale restriction (lifted early on 2026/10/5).

That's approximately 2.1B ENA in total, with an average book cost of about $0.244.

At this point, you might wonder:
“Why does DeFiLlama show 1.3B + 1.4B = 2.7B?”

That's because DeFiLlama records the full number of tokens and the full amount for the PIPEs. In reality, the PIPEs used two channels to obtain equity in the company formed by the future merger (StablecoinX): “cash subscription” and “token subscription.”

Across the two PIPE rounds, approximately 0.6B ENA in total was contributed in-kind in exchange for company equity.

So the figures work out as follows:
Approximately 2.1B ENA acquired by making cash subscriptions and then subscribing for tokens from the Foundation + approximately 0.6B ENA contributed by investors through the PIPEs = 2.7B ENA

This gives us a rough idea that the average purchase price may not necessarily reflect the psychological price level at which StablecoinX might consider selling its tokens.

And this situation is becoming more pronounced, because this year (2026/6/26), Ethena once again exchanged ENA tokens for common stock equity in StablecoinX.

The ENA contributed this time amounted to approximately 0.28B. Added to the original 2.7B ENA, this brings StablecoinX's holdings to approximately 3B ENA, the amount currently known to the market.

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Summary

Judging whether StablecoinX has reached the psychological price level at which it would sell its tokens based solely on the average price recorded for cash purchases may be rather arbitrary.

Given its current token acquisition structure, roughly 1/3 of its position has no traditional cost basis. I think this is also why many analysts believe that assessing it based on its $USDEB share price/mNAV would be more effective.

One other point, though: after Ethena acquired a substantial equity stake this way, it also obtained a seat on the board. Perhaps it will continue to use similar means to acquire more equity in the future, closely tying the Foundation to the treasury company (StablecoinX).

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● The content above does not constitute investment advice

● The attached image is from the SEC, but I couldn't upload it, so never mind

#ethena #ENA #USDeb

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