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