Ethena's Unrealized PNL Exposure to Binance Approximately $8.8 Million

By: x.com|10/29/2026 21:26:36

Ethena posted on platform X that its unrealized profit and loss (PNL) exposure to Binance totals approximately $8.8 million, significantly lower than the excess reserve fund of over $60 million. Ethena stated that all collateral related to exchange exposure is held with an off-chain custodian rather than directly on the exchange. Ethena also mentioned that reserve proofs executed by multiple external institutions will be published in the coming hours.

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