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Stablecoin Development (NYSE American:SDEV) reported Q1 2026 operating income of $22.3 million, versus a prior-year operating loss. GAAP net income was $552.4 million, driven largely by significant non-cash warrant-related gains.
The company held 2.15 billion SKY tokens worth $160.1 million at March 31, 2026, rising to 2.26 billion tokens after purchasing 86.5 million more for $6.5 million by May 14. Q1 staking generated $2.5 million revenue and an unrealized digital-asset gain of $22.7 million. Cash and cash equivalents were $18.4 million, with total assets of $179.7 million. The Sky Protocol ecosystem reported Q1 2026 gross protocol revenue of $123.8 million and net protocol surplus of $46.0 million, with total protocol collateral of $13.0 billion.
Stablecoin Development Corporation (NYSE American: SDEV) began trading under the SDEV ticker after completing its legal name change effective April 2, 2026. The company repositioned as an on-chain holding company focused on protocol-aligned digital asset ecosystems, initially targeting the Sky protocol.
As of March 31, 2026, the company held ~2.15 billion SKY (~9.15% supply), earned ~35.3 million SKY in staking rewards, raised ~ $134 million gross in January 2026, and acquired ~1.17 billion SKY on the open market at an average ~$0.065 per token.