NAV per share vs share price
$25.82 / $12.32
Token NAV per shareUSDE share price
StablecoinX
NASDAQ / USDEReported ENA treasury. Token NAV. Market valuation.
USDE quote · 2026-10-14 00:18 UTC | ENA daily · 2026-10-13
Latest observation (13 Oct 2026): USDE mNAV is 0.48×, based on 3.029B reported ENA and $25.82 token NAV per share. Token NAV excludes other assets and liabilities. How to read the multiple ↗
Market value / token NAV
0.48×
The market pays 48¢ for each $1 of reported ENA holdings.
Share price
$12.32-2.84% vs prior close
Why do different sources report different mNAVs?
EthenaDash uses reported ENA holdings and outstanding Class A shares, not the trading float. This is a token-only, basic-share measure. Warrant exercise, a broader asset definition or different price timestamps can produce a different multiple. Class B shares have no economic or conversion rights under the cited prospectus.
01 /
Valuation workspace
Market cap & token NAV
CurrentScenario
Blue · token NAV / Copper · market cap2026-06-26 to 2026-10-13
How closely does USDE track ENA? ↗ · September valuation review ↗
××=
Current observationSelect a term to inspect its history ↗
How this is calculated
Order-independent Shapley attribution of share price = ENA price × ENA per share × mNAV, using the repository’s endpoint observations. mNAV is recomputed from those inputs to avoid rounded-ratio residuals. Reported holdings and share counts are forward-filled in the source dataset. This is a mathematical decomposition, not an explanation of investor motivation.
Reported ENA
3.029BReported 2026-08-14
Class A shares
24.139MDataset share-count basis
Token NAV / share
$25.82ENA holdings × ENA price / shares
USDEW warrant
$3.70$11.50 strike · Jun 2031
Recorded series · 2026-10-14 00:18 UTC
03 /Market performance
mNAV history
0.48×Market cap / reported token NAV
Indexed performance
ENAUSDE
Both start at 100 on Jun 26, 2026. Basis stays fixed when filtering.
ENA per share
Reported token holdings / Class A shares
04 /Treasury & capital structure
Holdings last reported 2026-08-14
3.029BLatest disclosed token balance
24.139MDataset share-count basis
$623.33MExcludes other assets and liabilities
Reported holdings / shares
Contractual lock-ups
100.0%
Of reported ENA is contractually unlocked as of 2026-10-14.
The lock-up waiver supersedes the original 48-month schedule. Foundation consent is still required for sales. Unlocked status does not verify the current token balance.
Read the waiver ↗
Nasdaq listing
Historical series begins. Initial Class A count: 24,029,375.
Treasury disclosure
The Q2 2026 disclosure reported approximately 3.0 billion ENA.
Share-count update
110,000 director restricted-stock awards added to the dataset.
All token lock-ups waived
Reported token NAV and unlocked token NAV converge.
Holdings are a disclosed balance, not a live wallet proof. Funding
sales may occur without a separate announcement. Reported holdings
can therefore differ from current holdings.
Original ENA tranches
| Tranche | ENA tokens | Original treatment | Current status |
|---|
The historical model treated contributed and in-kind ENA as unlocked, despite restrictions disclosed for some tokens. Read the historical calculation limits →
05 /Markets & derivatives
Tokenized equity · perpetuals · warrants · options
TOKENIZED EQUITY / USDEB
StablecoinX, onchain.
Binance bStocks launched USDEB on October 7, 2026. Track issued token supply and its size relative to the listed equity.
BNB Chain · 2026-10-14 09:13 UTC · block 127,568,717
33,400.48Outstanding tokens, adjusted for the issuer
multiplier
$411,494Recorded USDE $12.32 · 2026-10-13
0.138%Of 24,139,375 reported Class A shares · 2026-10-13
7 days ending at the snapshot
55,870.85
18,899.39
+36,971.46
No mint or burn events in this period.
Raw USDEB units · blue: minted / copper: burned · UTC days · boundary days may be partial.
Source: Dune / BNB Chain · through 2026-10-13 02:34 UTC · reconciled to onchain supply.
Daily figures & flow methodology
| UTC day | Minted | Burned | Net issuance |
|---|---|---|---|
| 2026-10-13 (partial) | 0 | 0 | 0 |
| 2026-10-12 | 801.73 | 2,213.48 | -1,411.75 |
| 2026-10-11 | 0 | 0 | 0 |
| 2026-10-10 | 654.03 | 0 | +654.03 |
| 2026-10-09 | 303.16 | 708.28 | -405.11 |
| 2026-10-08 | 1,957.5 | 3,722.27 | -1,764.78 |
| 2026-10-07 | 52,154.43 | 12,255.35 | +39,899.07 |
| 2026-10-06 (partial) | 0 | 0 | 0 |
Mints create tokens; burns remove tokens. We count raw Transfer events involving the zero address once per log and reconcile the full history against totalSupply at the same BNB Chain block. Ordinary transfers, exchange deposits and withdrawals, and multiplier adjustments are excluded.
These are supply flows, not cash inflows or confirmed customer redemptions. Converting existing shares or managing issuer inventory can create or remove tokens. Issuer inventory wallets have not been independently identified.
All history begins at contract deployment on September 28, 2026 and includes issuance before the October 7 trading launch. Periods end at the displayed snapshot, rather than the current clock. The raw-unit basis excludes the corporate-action multiplier used by the live supply figure above.
No multiplier changes after initialization are recorded in this snapshot.
Dune history is checked for refresh at most every six hours when the dashboard data job runs. A prior chain snapshot allows time for indexing. Failed or unreconciled refreshes preserve the last verified data and its original timestamp.
What these figures measure
USDEB is a tokenized security linked to StablecoinX, separate from the USDE stock, Ethena’s USDe stablecoin and the STABLECOINX perpetual on Lighter. Holding a bStock does not directly confer ownership of the underlying company’s shares.
Supply comes from the issuer-published BNB Chain contract at one block. We verify the token symbol, decimals and scaled supply against its raw supply and current corporate-action multiplier (1×). Issuance can reflect conversion of existing stock holdings; it is not a new equity raise or a measure of net buying.
Value at recorded price is a reference valuation, not a live token price or an independent proof of reserves. The percentage uses the dashboard’s reported Class A shares, not free float or a fully diluted share count. These tokens do not add to the company’s shares, ENA holdings or treasury NAV.
Source: Binance listing announcement ↗ · bStocks methodology ↗ · USDEB explained →
LIGHTER / STABLECOINX
Beyond the closing bell.
Perpetual market activity, including outside the stock session.
Source: Lighter · retrieved 2026-10-14 09:13 UTC
$12.32-0.03% vs recorded USDE $12.32 · 2026-10-13
$716.7KOutstanding notional · both sides matched
N/AFunding history unavailable
$375.7KTraded notional on Lighter
No observations available for this period.
Hourly trade closes · times in UTC · latest candle may be partial.
How to read this market
The mark price is Lighter’s valuation reference; it can differ from the last traded price and the Nasdaq stock price. The comparison uses the latest recorded USDE daily price, with its date shown. It is not a synchronized arbitrage spread or a prediction of the next stock opening.
Funding is the last settled hourly rate, not an estimate of the next payment. Positive rates mean longs pay shorts; negative rates mean shorts pay longs. Open interest is outstanding contracts multiplied by the mark price. It measures exposure, not a net long/short split. Missing data stays unavailable.
Read the Lighter tracking and funding review ↗
Source: Lighter market data ↗ · Funding methodology ↗. Market stats refresh approximately every minute while this panel is visible; hourly history refreshes every five minutes. Rate-limited requests back off and retain the last verified observations.
Warrants & options
USDEW / Nasdaq
$3.70
$11.50One new share per warrant
$15.20Strike + current warrant price
11.50MExpire Jun 25, 2031
USDEW vs USDE
USDE shareUSDEW warrant
Payoff at expiry
StockWarrant
$20.00
Value of $1 invested at current prices. Ignores early redemption.
Call-trigger watch
Closes at or above $10 · last 30 completed sessions
The $0.10 call provision requires 20 qualifying closes in 30 trading days. A cashless exercise may deliver up to 0.361 shares per warrant. The separate $0.01 call trigger is $18.
Sponsor warrants
| Tranche | Count | Strike | Expiry |
|---|
Private, non-listed warrants. Exercise can increase shares outstanding.
Listed options · USDE
| Strike | Call bid | Call ask | Call OI | Put bid | Put ask | Put OI |
|---|
Nasdaq options · 2026-10-14 00:19 UTC. N/A means unavailable, not zero. Quotes may be stale or wide.
06 /Research & filings
Open EDGAR ↗| Filed | Form | Primary source |
|---|
Insider filings · Forms 3, 4 and 5
| Filed | Insider | Transaction | Shares | Price |
|---|
Grants, awards and opening holdings are not open-market purchases.
Data table · last 10 sessions
| Date | USDE | ENA | Token NAV / share | mNAV |
|---|---|---|---|---|
| 2026-10-13 | $12.32 | $0.2058 | $25.82 | 0.48× |
| 2026-10-12 | $12.68 | $0.2374 | $29.79 | 0.43× |
| 2026-10-09 | $12.30 | $0.2065 | $25.91 | 0.47× |
| 2026-10-08 | $12.79 | $0.2264 | $28.41 | 0.45× |
| 2026-10-07 | $13.82 | $0.2404 | $30.17 | 0.46× |
| 2026-10-06 | $14.33 | $0.2493 | $31.28 | 0.46× |
| 2026-10-05 | $14.96 | $0.2413 | $30.28 | 0.49× |
| 2026-10-02 | $14.15 | $0.2432 | $30.52 | 0.46× |
| 2026-10-01 | $15.51 | $0.2648 | $33.22 | 0.47× |
| 2026-09-30 | $16.08 | $0.2483 | $31.15 | 0.52× |
About StablecoinX
StablecoinX is a Nasdaq-listed company whose principal treasury asset in this dataset is ENA, the governance token of the Ethena protocol. This independent dashboard compares its share price with reported token holdings. The source series begins June 26, 2026.
Methodology & sources
Token NAV = reported ENA holdings × ENA price. Token NAV per share = token NAV / dataset Class A shares. mNAV = share price / token NAV per share. Indexed series are rebased to 100 on June 26, 2026. Holdings and share counts are forward-filled from reported events. Other balance-sheet assets and liabilities are outside token NAV.
Market observations: Yahoo Finance and CoinGecko via the repository. Company disclosures: SEC EDGAR. Options: Nasdaq. Daily series refresh from GitHub; market quotes are checked every minute. Quotes can be delayed. Token NAV excludes other assets and liabilities. Historical observations retain their recorded dates.