v3.26.1
Merger and Reverse Recapitalization (Tables)
 6 Months Ended
Jun. 30, 2026
Merger and Reverse Recapitalization [Abstract]  
Schedule of Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Stockholders’ Equity

The following table reconciles the elements of the Merger to the condensed consolidated statements of cash flows and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2026:

 

   Recapitalization 
     
Cash - TLGY trust and cash, net of redemptions  $1,177,929 
Cash - PIPE   17,734,252 
Less: transaction and advisory costs paid by Stablecoin   (59,885)
Net cash proceeds from Merger   18,852,296 
ENA contributed   249,120,581 
Less: Stablecoin accrued transaction and advisory costs   (3,481,156)
Net liabilities assumed from TLGY   (16,129,386)
Total Merger and PIPE financing  $248,362,335 
Schedule of Number of Shares of Common Stock Outstanding

The number of shares of common stock outstanding immediately following the consummation of the Merger:

 

TLGY Class A common stock, outstanding prior to the Merger   5,834,587 
Sponsor forfeiture   (4,805,110)
Redemption of TLGY Class A common stock   (393,538)
Class A common stock of TLGY   635,939 
PIPE shares   20,775,272 
Ethena contribution shares   1,813,164 
TLGY Class B common stock, outstanding prior to the Merger   105,000 
Merger and PIPE financing shares   23,329,375 
Legacy Stablecoin X Assets Shares   700,000 
Issuance of common stock to advisors   
-
 
Class A Common Stock immediately after the Merger   24,029,375