EthenaDAT / NAV Tracker · Nasdaq: USDE
StablecoinX vs. its ENA treasury
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mNAV
Unlocked mNAV
–
Market cap vs. NAV
Daily since the Jun 26, 2026 Nasdaq listing · hover for values
Total ENA NAV
Unlocked ENA NAV*
USDE market cap
NAV per share vs. share price
Everything in $/share on one axis — the gap is the discount
NAV per share
Unlocked NAV per share*
USDE share price
Warrant breakeven
mNAV ratio
Market cap ÷ NAV · 1.0× = market pays full spot value · dashed = historical mean
mNAV (total)
mNAV (unlocked only)
Indexed performance
Rebased to 100 at listing — separates ENA beta from the re-rating
USDE
ENA
NAV per share
ENA per share
Tokens backing each share — unlocked steps up on each vesting date
Total ENA / share
Unlocked ENA / share
Warrants (USDEW)
11.5M public warrants · $11.50 strike · 1:1 · expire Jun 25, 2031
What a warrant is
Each USDEW warrant is the right to buy 1 new USDE share from the company for $11.50, any time until Jun 25, 2031 — a five-year call option that StablecoinX itself wrote. With the stock below the strike, its entire price is time value: a bet the stock clears $— (strike + warrant price) before expiry.
- Same thesis, more leverage: USDE only needs to re-rate to of NAV by 2031 for warrant buyers to break even — the warrant is a geared bet on the discount closing, with a deadline.
- Dilution if they pay off: full exercise mints 11.5M new shares (24.1M → 35.6M, holders own ~32% less per share) but delivers $132M cash to the treasury at $11.50/share. Above the strike, the honest per-share metric is fully-diluted NAV: /share vs undiluted.
- The company holds a kill switch: if USDE holds above $10 for 20 of 30 trading days, StablecoinX can force-convert the warrants (capped at 0.361 shares each, or holders get $0.10); above $18 the redemption pays just $0.01. A sustained rally likely ends the warrants long before 2031.
USDEW warrant
USDE stock
NAV per share
Payoff at expiry
Multiple on today's money at each USDE price in Jun 2031 · ignores the $10/$18 redemption calls
Warrant (per $ in USDEW)
Stock (per $ in USDE)
Unlock schedule
48-month lock-up: 25% at the 12-month cliff, the rest in 36 monthly installments (424B3)
| Unlock date | ENA tokens | Tranche | % of treasury | Cumulative unlocked |
|---|
SEC filings
Primary sources · 10-K / 10-Q filings will be added as filed
| Date | Filing | What's in it |
|---|---|---|
| Aug 14, 2026 | 8-K — Q2 2026 results | Treasury confirmed at ~3.0B ENA, $18.9M cash, ecosystem updates |
| Jul 2, 2026 | Super 8-K — closing | Share counts (24.03M Class A + 3.16M Class B), PIPE structure ($893M) |
| Jun 26, 2026 | 8-K — Nasdaq debut | 3,029M ENA at $0.0909 VWAP ($275M), $11.42/share NAV framing |
| May 29, 2026 | 424B3 — prospectus | Locked ENA purchase terms: 48-month lock-up, 25% cliff, 36 monthly installments |
| All StablecoinX filings on EDGAR → | ||