Ethena's unrealized exposure to Binance is $8.8 million, lower than the Reserve Fund's.

Ethena stated on the X platform that its unrealized profit and loss exposure to Binance totals approximately $8.8 million, less than its $60 million reserve fund. Ethena stated that all collateral involving exchange exposure is held in off-exchange custody, not directly on the exchange, and that proof of reserves executed by multiple external institutions will be released in the coming hours.