SDEV Stablecoin Development Corp
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Executive Summary
Stablecoin Development Corp reported Q1 2026 operating income of $22.3M (vs a $3.3M operating loss in Q1 2025) and GAAP net income of $552.4M, driven primarily by a $22.7M unrealized gain on digital assets and $2.5M in staking revenue. The headline GAAP net income is heavily distorted by ~$535M in net non-cash warrant-related accounting gains. The company held 2.15B SKY tokens (~9% of total supply) as of March 31, 2026, and increased that to ~2.26B tokens through $6.5M in open-market purchases through May 14, 2026. No analyst consensus estimates are available for this pre-revenue transition company, making the earnings release unanchored to market expectations.
Actionable Insight
This is a pre-revenue on-chain holding company with no analyst coverage — the earnings release provides no beat/miss anchor. The key variable is SKY token price, not operating results. Monitor SKY token market dynamics and any future SKY token sales by the company. The $85.7M ATM overhang is a potential dilutive overhang on the $42M market cap.
Key Facts
- Operating income of $22.3M for Q1 2026 vs operating loss of $3.3M in Q1 2025
- GAAP net income of $552.4M includes ~$535M net non-cash warrant-related gains
- Staking revenue of $2.5M from 35.4M SKY tokens earned in Q1 2026
- Unrealized gain on digital assets of $22.7M recognized in Q1 2026
- Held 2.15B SKY tokens at March 31, 2026 (~9% of total supply); increased to ~2.26B by May 14, 2026
- Cash and cash equivalents of $18.4M, digital assets of $160.1M, total assets of $179.7M as of March 31, 2026
- Subsequent to quarter-end: purchased ~86.5M additional SKY tokens for ~$6.5M; sold 398,367 shares under ATM for ~$0.6M net proceeds
- Approximately $85.7M of common stock remained available for issuance under the ATM Program as of May 14, 2026
Financial Impact
Operating income swung from -$3.3M to +$22.3M YoY; GAAP net income of $552.4M is almost entirely non-cash warrant accounting; staking revenue of $2.5M is the only cash-generating operating line
Risk Factors
- GAAP net income is almost entirely non-cash warrant accounting — not indicative of recurring cash earnings
- Concentration risk: single-asset exposure to SKY token (~9% of total supply), which is highly volatile
- ATM program has $85.7M remaining capacity vs $42M market cap — massive potential dilution
- No analyst consensus or guidance provided — stock moves on SKY token price, not fundamentals
- Company is a former pharmaceutical (NovaBay) that pivoted to crypto — execution risk on new strategy
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-017872 |
| Exhibit: ex_965638.htm | 0001437749-26-017872 |
| Document: 0001437749-26-017872-index-headers.html | 0001437749-26-017872 |
| Document: 0001437749-26-017872-index.html | 0001437749-26-017872 |
| Document: 0001437749-26-017872.txt | 0001437749-26-017872 |
| 8-K Data (Synthetic) | 0001437749-26-017872 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 20, 2026
24d ago
|
8-K
| $1.52 $1.31 | ▼ −13.82% | ▼ −15.62% | $1.01 (−33.55%) |
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May 20, 2026
24d ago
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Press Release
| $1.52 $1.40 | ▼ −7.89% | ▼ −9.13% | $1.01 (−33.55%) |
|
May 20, 2026
24d ago
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Insider Cluster
| $1.52 $1.31 | ▲ +13.82% | ▲ +15.62% | $1.01 (+33.55%) |
US Market Status
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