{
  "name": "StablecoinX valuation data",
  "canonical": "https://ethenadash.com/data/stablecoinx-valuation/",
  "definition": "mNAV equals the recorded USDE stock price divided by token NAV per Class A share. Token NAV is reported ENA holdings multiplied by the recorded ENA price.",
  "limitations": "Token NAV excludes cash, other assets, debt and liabilities. Class A shares are not fully diluted shares. Holdings are carried forward between disclosures. Stock closes and ENA daily observations use different clocks; this is not the matched-close series used in the tracking review. Quotes may be delayed.",
  "sourceUpdatedAt": "2026-10-14T00:18:57+00:00",
  "observedThrough": "2026-10-13",
  "stale": false,
  "available": true,
  "columns": [
    {
      "key": "date",
      "label": "Session date"
    },
    {
      "key": "usde_close",
      "label": "USDE close (USD)"
    },
    {
      "key": "ena_price",
      "label": "ENA daily price (USD)"
    },
    {
      "key": "ena_holdings",
      "label": "Reported ENA"
    },
    {
      "key": "shares_outstanding",
      "label": "Class A shares"
    },
    {
      "key": "nav_per_share",
      "label": "Token NAV / share (USD)"
    },
    {
      "key": "mnav",
      "label": "mNAV (multiple)"
    }
  ],
  "rows": [
    {
      "date": "2026-06-26",
      "usde_close": 3.7,
      "ena_price": 0.082295,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.3737,
      "mnav": 0.3567
    },
    {
      "date": "2026-06-29",
      "usde_close": 3.33,
      "ena_price": 0.076713,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.6699,
      "mnav": 0.3444
    },
    {
      "date": "2026-06-30",
      "usde_close": 2.75,
      "ena_price": 0.078602,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.9082,
      "mnav": 0.2775
    },
    {
      "date": "2026-07-01",
      "usde_close": 2.08,
      "ena_price": 0.072049,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.0821,
      "mnav": 0.229
    },
    {
      "date": "2026-07-02",
      "usde_close": 2.78,
      "ena_price": 0.071221,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 8.9777,
      "mnav": 0.3097
    },
    {
      "date": "2026-07-06",
      "usde_close": 2.62,
      "ena_price": 0.080564,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.1554,
      "mnav": 0.258
    },
    {
      "date": "2026-07-07",
      "usde_close": 2.36,
      "ena_price": 0.078294,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.8693,
      "mnav": 0.2391
    },
    {
      "date": "2026-07-08",
      "usde_close": 2.03,
      "ena_price": 0.075879,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.5648,
      "mnav": 0.2122
    },
    {
      "date": "2026-07-09",
      "usde_close": 2.19,
      "ena_price": 0.074681,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.4138,
      "mnav": 0.2326
    },
    {
      "date": "2026-07-10",
      "usde_close": 1.96,
      "ena_price": 0.076386,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.6288,
      "mnav": 0.2036
    },
    {
      "date": "2026-07-13",
      "usde_close": 1.9,
      "ena_price": 0.079878,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.0689,
      "mnav": 0.1887
    },
    {
      "date": "2026-07-14",
      "usde_close": 1.78,
      "ena_price": 0.078504,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.8957,
      "mnav": 0.1799
    },
    {
      "date": "2026-07-15",
      "usde_close": 1.82,
      "ena_price": 0.083999,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.5884,
      "mnav": 0.1719
    },
    {
      "date": "2026-07-16",
      "usde_close": 1.92,
      "ena_price": 0.083481,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.5231,
      "mnav": 0.1825
    },
    {
      "date": "2026-07-17",
      "usde_close": 1.74,
      "ena_price": 0.082251,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.368,
      "mnav": 0.1678
    },
    {
      "date": "2026-07-20",
      "usde_close": 1.73,
      "ena_price": 0.079797,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.0587,
      "mnav": 0.172
    },
    {
      "date": "2026-07-21",
      "usde_close": 1.87,
      "ena_price": 0.082802,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.4375,
      "mnav": 0.1792
    },
    {
      "date": "2026-07-22",
      "usde_close": 1.87,
      "ena_price": 0.086647,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.9223,
      "mnav": 0.1712
    },
    {
      "date": "2026-07-23",
      "usde_close": 1.74,
      "ena_price": 0.090121,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.3601,
      "mnav": 0.1532
    },
    {
      "date": "2026-07-24",
      "usde_close": 1.43,
      "ena_price": 0.088795,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.193,
      "mnav": 0.1278
    },
    {
      "date": "2026-07-27",
      "usde_close": 1.52,
      "ena_price": 0.090213,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.3718,
      "mnav": 0.1337
    },
    {
      "date": "2026-07-28",
      "usde_close": 1.69,
      "ena_price": 0.082125,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.3522,
      "mnav": 0.1632
    },
    {
      "date": "2026-07-29",
      "usde_close": 1.51,
      "ena_price": 0.083383,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.5108,
      "mnav": 0.1437
    },
    {
      "date": "2026-07-30",
      "usde_close": 1.64,
      "ena_price": 0.078047,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 9.8381,
      "mnav": 0.1667
    },
    {
      "date": "2026-07-31",
      "usde_close": 1.57,
      "ena_price": 0.081063,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.2183,
      "mnav": 0.1536
    },
    {
      "date": "2026-08-03",
      "usde_close": 1.72,
      "ena_price": 0.089258,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.2513,
      "mnav": 0.1529
    },
    {
      "date": "2026-08-04",
      "usde_close": 1.98,
      "ena_price": 0.092869,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.7066,
      "mnav": 0.1691
    },
    {
      "date": "2026-08-05",
      "usde_close": 2.46,
      "ena_price": 0.092262,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.63,
      "mnav": 0.2115
    },
    {
      "date": "2026-08-06",
      "usde_close": 2.23,
      "ena_price": 0.092292,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.6338,
      "mnav": 0.1917
    },
    {
      "date": "2026-08-07",
      "usde_close": 2.07,
      "ena_price": 0.092678,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.6825,
      "mnav": 0.1772
    },
    {
      "date": "2026-08-10",
      "usde_close": 2.16,
      "ena_price": 0.086492,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.9027,
      "mnav": 0.1981
    },
    {
      "date": "2026-08-11",
      "usde_close": 2.4,
      "ena_price": 0.087894,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.0794,
      "mnav": 0.2166
    },
    {
      "date": "2026-08-12",
      "usde_close": 2.45,
      "ena_price": 0.090061,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.3525,
      "mnav": 0.2158
    },
    {
      "date": "2026-08-13",
      "usde_close": 2.59,
      "ena_price": 0.086711,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.9302,
      "mnav": 0.237
    },
    {
      "date": "2026-08-14",
      "usde_close": 2.93,
      "ena_price": 0.085921,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.8306,
      "mnav": 0.2705
    },
    {
      "date": "2026-08-17",
      "usde_close": 3.02,
      "ena_price": 0.082311,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.3756,
      "mnav": 0.2911
    },
    {
      "date": "2026-08-18",
      "usde_close": 2.79,
      "ena_price": 0.083144,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.4807,
      "mnav": 0.2662
    },
    {
      "date": "2026-08-19",
      "usde_close": 3.09,
      "ena_price": 0.082691,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 10.4235,
      "mnav": 0.2964
    },
    {
      "date": "2026-08-20",
      "usde_close": 4,
      "ena_price": 0.093308,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 11.7618,
      "mnav": 0.3401
    },
    {
      "date": "2026-08-21",
      "usde_close": 7.41,
      "ena_price": 0.116818,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 14.7253,
      "mnav": 0.5032
    },
    {
      "date": "2026-08-24",
      "usde_close": 6.27,
      "ena_price": 0.161352,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 20.3391,
      "mnav": 0.3083
    },
    {
      "date": "2026-08-25",
      "usde_close": 6.06,
      "ena_price": 0.152691,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 19.2473,
      "mnav": 0.3148
    },
    {
      "date": "2026-08-26",
      "usde_close": 5.98,
      "ena_price": 0.142904,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.0136,
      "mnav": 0.332
    },
    {
      "date": "2026-08-27",
      "usde_close": 8.07,
      "ena_price": 0.147684,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.6161,
      "mnav": 0.4335
    },
    {
      "date": "2026-08-28",
      "usde_close": 6.76,
      "ena_price": 0.170006,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 21.43,
      "mnav": 0.3154
    },
    {
      "date": "2026-08-31",
      "usde_close": 8.87,
      "ena_price": 0.148113,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.6703,
      "mnav": 0.4751
    },
    {
      "date": "2026-09-01",
      "usde_close": 8.36,
      "ena_price": 0.149484,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.843,
      "mnav": 0.4437
    },
    {
      "date": "2026-09-02",
      "usde_close": 7.5,
      "ena_price": 0.159318,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 20.0827,
      "mnav": 0.3735
    },
    {
      "date": "2026-09-03",
      "usde_close": 8.77,
      "ena_price": 0.149106,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.7955,
      "mnav": 0.4666
    },
    {
      "date": "2026-09-04",
      "usde_close": 7.93,
      "ena_price": 0.168413,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 21.2291,
      "mnav": 0.3735
    },
    {
      "date": "2026-09-08",
      "usde_close": 7.61,
      "ena_price": 0.164037,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 20.6775,
      "mnav": 0.368
    },
    {
      "date": "2026-09-09",
      "usde_close": 7.24,
      "ena_price": 0.15929,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 20.0792,
      "mnav": 0.3606
    },
    {
      "date": "2026-09-10",
      "usde_close": 6.66,
      "ena_price": 0.152084,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 19.1708,
      "mnav": 0.3474
    },
    {
      "date": "2026-09-11",
      "usde_close": 7.26,
      "ena_price": 0.142892,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.0121,
      "mnav": 0.4031
    },
    {
      "date": "2026-09-14",
      "usde_close": 7.44,
      "ena_price": 0.136201,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 17.1687,
      "mnav": 0.4333
    },
    {
      "date": "2026-09-15",
      "usde_close": 6.12,
      "ena_price": 0.143183,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.0488,
      "mnav": 0.3391
    },
    {
      "date": "2026-09-16",
      "usde_close": 6.2,
      "ena_price": 0.139566,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 17.5928,
      "mnav": 0.3524
    },
    {
      "date": "2026-09-17",
      "usde_close": 7.71,
      "ena_price": 0.148605,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 18.7323,
      "mnav": 0.4116
    },
    {
      "date": "2026-09-18",
      "usde_close": 10.19,
      "ena_price": 0.154611,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 19.4894,
      "mnav": 0.5228
    },
    {
      "date": "2026-09-21",
      "usde_close": 12.6,
      "ena_price": 0.216987,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 27.3521,
      "mnav": 0.4607
    },
    {
      "date": "2026-09-22",
      "usde_close": 13.54,
      "ena_price": 0.212378,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 26.7711,
      "mnav": 0.5058
    },
    {
      "date": "2026-09-23",
      "usde_close": 12.87,
      "ena_price": 0.216303,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 27.2659,
      "mnav": 0.472
    },
    {
      "date": "2026-09-24",
      "usde_close": 14.22,
      "ena_price": 0.206062,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 25.9749,
      "mnav": 0.5475
    },
    {
      "date": "2026-09-25",
      "usde_close": 17.25,
      "ena_price": 0.224508,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 28.3002,
      "mnav": 0.6095
    },
    {
      "date": "2026-09-28",
      "usde_close": 15.56,
      "ena_price": 0.272163,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 34.3072,
      "mnav": 0.4535
    },
    {
      "date": "2026-09-29",
      "usde_close": 15.32,
      "ena_price": 0.256593,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24029375,
      "nav_per_share": 32.3446,
      "mnav": 0.4736
    },
    {
      "date": "2026-09-30",
      "usde_close": 16.08,
      "ena_price": 0.248287,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 31.1549,
      "mnav": 0.5161
    },
    {
      "date": "2026-10-01",
      "usde_close": 15.51,
      "ena_price": 0.264759,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 33.2218,
      "mnav": 0.4669
    },
    {
      "date": "2026-10-02",
      "usde_close": 14.15,
      "ena_price": 0.243211,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 30.5181,
      "mnav": 0.4637
    },
    {
      "date": "2026-10-05",
      "usde_close": 14.96,
      "ena_price": 0.241327,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 30.2816,
      "mnav": 0.494
    },
    {
      "date": "2026-10-06",
      "usde_close": 14.33,
      "ena_price": 0.249322,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 31.2849,
      "mnav": 0.458
    },
    {
      "date": "2026-10-07",
      "usde_close": 13.82,
      "ena_price": 0.240443,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 30.1707,
      "mnav": 0.4581
    },
    {
      "date": "2026-10-08",
      "usde_close": 12.79,
      "ena_price": 0.226398,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 28.4084,
      "mnav": 0.4502
    },
    {
      "date": "2026-10-09",
      "usde_close": 12.3,
      "ena_price": 0.206502,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 25.9118,
      "mnav": 0.4747
    },
    {
      "date": "2026-10-12",
      "usde_close": 12.68,
      "ena_price": 0.237373,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 29.7855,
      "mnav": 0.4257
    },
    {
      "date": "2026-10-13",
      "usde_close": 12.32,
      "ena_price": 0.205788,
      "ena_holdings": 3029000000,
      "shares_outstanding": 24139375,
      "nav_per_share": 25.8223,
      "mnav": 0.4771
    }
  ],
  "snapshot": {
    "date": "2026-10-13",
    "usde_close": 12.32,
    "ena_price": 0.205788,
    "ena_holdings": 3029000000,
    "shares_outstanding": 24139375,
    "nav_per_share": 25.8223,
    "mnav": 0.4771
  },
  "notes": [
    "The latest recorded session can precede the feed refresh. This dataset intentionally excludes browser-only intraday quotes."
  ],
  "sources": [
    {
      "name": "StablecoinX filings",
      "url": "https://www.sec.gov/edgar/browse/?CIK=2080215"
    },
    {
      "name": "USDE market prices",
      "url": "https://finance.yahoo.com/quote/USDE/history/"
    },
    {
      "name": "ENA prices",
      "url": "https://www.coingecko.com/en/coins/ethena"
    }
  ]
}