The founder of the over-the-counter trading platform STIX claims that the off-market valuation of ENA should be discounted by 70%.

Taran, the founder of the OTC trading platform STIX, posted on platform X stating that since the launch of ENA, OTC sellers (investors) have contacted them, wanting to sell locked-up ENA at a valuation of 2 billion to 3 billion dollars (at that time, ENA's FDV was as high as 20 billion dollars). The current reasonable valuation for locked-up ENA should be 1.5 billion to 2 billion dollars (about a 70% discount).