Company Held Approximately 2.15 Billion SKY Tokens at March 31, 2026 and Approximately 2.26 Billion SKY Tokens at May 14, 2026
Key Highlights
Operating income of $22.3 million for the first quarter of 2026, compared with an operating loss of $3.3 million for the first quarter of 2025.
GAAP net income of $552.4 million for the first quarter of 2026, including a net non-cash gain of approximately $535.0 million from warrant-related effects during the period.
Staking revenue of $2.5 million, representing 35,386,649 SKY tokens earned during the first quarter of 2026.
Unrealized gain on digital assets of $22.7 million recognized during the first quarter of 2026.
Cash and cash equivalents of $18.4 million, digital assets of $160.1 million and total assets of $179.7 million as of March 31, 2026.
Approximately 2.15 billion SKY tokens held as of March 31, 2026, representing approximately 9% of the total supply of SKY.
Approximately 2.26 billion SKY tokens held as of May 14, 2026, after additional open-market purchases subsequent to quarter-end.
EMERYVILLE, Calif., May 20, 2026 (GLOBE NEWSWIRE) -- Stablecoin Development Corporation (NYSE:SDEV) (the "Company" or "SDEV") today announced financial results for the first quarter ended March 31, 2026. The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 was filed with the Securities and Exchange Commission (the "SEC") on May 15, 2026.
"Our first quarter results mark the first reporting period in which SDEV's financial statements reflect our transition to an on-chain holding company focused on the stablecoin economy," said Michael Kazley, Chief Executive Officer and Chairman. "During the quarter, we generated staking revenue, recognized operating income driven primarily by our SKY position, and continued to execute our long-duration capital allocation strategy with public-company discipline. GAAP net income for the period also reflected significant non-cash warrant-related accounting gains, which we believe should be understood separately from the Company's operating performance and cash position."
First Quarter 2026 Financial Results
For the three months ended March 31, 2026, the Company reported operating income of $22.3 million, compared with an operating loss of $3.3 million for the three months ended March 31, 2025. Operating income was driven by staking revenue of $2.5 million and an unrealized gain on digital assets of $22.7 million, partially offset by general and administrative expenses of $2.8 million. Income tax expense for the period was $3.5 million.
The Company reported GAAP net income of $552.4 million for the first quarter of ...
