StablecoinX to End ENA Lock-Up Permanently on Oct. 5 Under New Waiver

Waiver signed in September

According to the SEC filing, the waiver letter was signed on Sep. 14 and becomes effective on Oct. 5. Once in force, it removes all lock-up, vesting and installment-based release provisions that had previously governed the covered ENA position.

The filing says the restrictions being waived cannot later be reinstated. It also extends to ENA received through staking or a protocol-wide distribution mechanism when those tokens are connected to the earlier purchase agreements.

Sales and transfers still face limits

The end of the lock-up does not mean StablecoinX can use the tokens without further conditions. Under the waiver, the company must continue to hold the ENA as permanent, unencumbered treasury assets unless it either obtains prior written consent from the Ethena Foundation or completes a sale through the new funding-sale process.

The foundation keeps consent rights over a broad range of actions, including sales, transfers, lending, hedging, pledging, collateralization and other encumbrances. The filing also notes that additional approvals may still be needed from StablecoinX’s board, investment committee or holders of Class B shares, while U.S. securities law, Rule 144, affiliate-status limits and any registration or listing requirements remain in place.

Five-day process for approved funding sales

The agreement creates a formal path for StablecoinX to sell ENA when it needs capital for working capital or strategic purposes tied to activity that supports the Ethena ecosystem. To start that process, the company must give the Ethena Foundation written notice at least five business days before a proposed sale.

That notice must describe the intended use of proceeds, the maximum number of tokens involved, the minimum acceptable price and the planned execution method, such as an exchange trade, over-the-counter transaction, market-maker arrangement or agency sale. Any firm third-party bid must also be disclosed.

During the review window, the foundation can choose to buy some or all of the proposed allocation at the stated price. If it does not respond or exercise that right, StablecoinX may proceed, but any approved sale must be completed within 60 days or a new notice is required. The agreement also requires commercially reasonable efforts to avoid disrupting the ENA market, and allows the foundation to seek up to five more business days of discussion if it believes a proposed sale is unrelated to an approved activity, may unsettle the market, or could conflict with law or existing agreements.

Large treasury position remains central

StablecoinX said its treasury held about 3 billion ENA at the end of the second quarter, representing roughly 20% of total ENA supply. Using ENA’s June 30 closing price of $0.07204, the company valued that position at $218.4 million, or about $9.09 per each of its 24,029,375 Class A shares outstanding at the time. After impairment, it reported $212.9 million in digital intangible assets.

The company’s ENA treasury strategy began with a $360 million plan announced in July 2025, including $60 million in tokens from the Ethena Foundation and $260 million in cash earmarked for ENA purchases. After its Nasdaq debut in June 2026, StablecoinX said it held about 3.029 billion ENA, valued at $275 million using the 30-day volume-weighted average price applied before the transaction closed.

What changes on Oct. 5

From Oct. 5, StablecoinX’s covered ENA will no longer be subject to the old contractual unlock schedule. That aligns the company’s holdings with the date previously identified by the Ethena Foundation for other locked ENA holders.

The next confirmed step is the waiver’s effective date. After that, any actual use of the tokens outside treasury holding will still depend on the consent framework, the funding-sale notice process and any separate corporate, legal or regulatory approvals that continue to apply.