Analysts estimate roughly 1.4 billion ENA from early investors becomes transferable on Oct. 5, a figure Ethena has not confirmed. StablecoinX's holdings remain subject to consent and a first-refusal process.
Crypto · FinancialMarkets.com · October 2, 2026 · Tickers: ENA, USDE
Monday brings a large supply event for Ethena's governance token. Its size depends on which tokens are counted.
Three numbers have circulated. They describe different holders.
The investor tranche
The remaining allocation to Ethena's original investors has been accelerated into a single release on Oct. 5. Analysts working from the published vesting schedule put that tranche at roughly 1.4 billion ENA. Ethena has not confirmed the figure.
The Ethena Foundation has also bought out locked holdings from some investors, and it has not disclosed how many. Tokens it bought back would not be part of Monday's release, so the amount actually freed is below 1.4 billion by an unknown margin.
At Friday's price of about $0.2412, 1.4 billion ENA is worth about $338 million. ENA was down about 0.8% on the day, with a market value of about $1.92 billion based on Financial Modeling Prep data. Other trackers put it higher, near $2.4 billion, on a different count of circulating supply.
StablecoinX's 3 billion
The second figure, about 3.03 billion ENA, is the holding of StablecoinX, the Nasdaq-listed company built to hold the token, which trades under the ticker USDE and is distinct from Ethena's USDe stablecoin. That is about 20% of ENA's 15 billion total supply, worth about $731 million at Friday's price.
A waiver of StablecoinX's lock-up takes effect on Oct. 5, according to its filing with the Securities and Exchange Commission. The waiver does not make the tokens freely saleable. Sales still require the Ethena Foundation's consent, or a five-business-day process under which the Foundation has a right of first refusal.
The 275 million
The third figure, 275 million ENA, listed by the token tracker Tokenomics.com, was a monthly tranche under the schedule in place before the acceleration, dated Oct. 1. It does not describe Monday's event. Team allocations remain on their existing schedule.
Counting the tokens
Adding the investor tranche and StablecoinX's holding produces a figure above 4 billion tokens. That total combines tokens that may become transferable with tokens that remain subject to consent, and it overstates the supply that can reach the market on Monday.
The supply debate
One reading is that the overhang is manageable. The Foundation's buybacks have already absorbed part of the investor tranche, and StablecoinX's stake is gated.
A second reading is that an early-investor tranche worth hundreds of millions of dollars, released in one day, is a real supply test for a token with a market value of roughly $2 billion.
Monday
On-chain movements from investor wallets on Oct. 5 and after will show how much of the tranche is sold. Any statement from Ethena confirming the size, or a filing from StablecoinX on its holdings, would settle the number.