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Stablecoin Development Corporation amended October 2025 pre-funded warrants held by R01 Fund LP and Framework Ventures IV L.P. to remove certain exercise restrictions, leading both holders to fully exercise on a cashless basis.
Each holder received 11,307,300 shares of common stock after 24,720 shares were withheld as the cashless exercise price, resulting in an aggregate issuance of 22,614,600 new shares. Because the exercise was cashless, the company did not receive cash proceeds from these warrant exercises. Following these issuances, 50,449,780 shares of common stock were issued and outstanding as of June 15, 2026, meaning existing shareholders experienced a significant increase in the total share count.
Sky Frontier Foundation filed a Schedule 13D reporting beneficial ownership of 3,009,502 shares of Stablecoin Development Corp common stock, representing 9.99% of the class as of May 17, 2026. This stake is calculated based on 27,115,646 shares outstanding plus shares issuable under a warrant.
The foundation holds a pre-funded warrant for up to 20,000,000 shares (post reverse split), exercisable in tranches starting July 16, 2026, but subject to a 9.99% Beneficial Ownership Limitation. It describes its position as a long-term, governance-focused investment, with rights to nominate one director while owning at least 5% and to consent to changes to the issuer’s digital asset strategy for 24 months after January 16, 2026.
Stablecoin Development Corp: Tether Global Investments Fund, S.I.C.A.F., S.A., Tether Investments, S.A. de C.V. and Giancarlo Devasini filed a Schedule 13G reporting beneficial ownership of 3,009,502 shares of Common Stock subject to a 9.99% Ownership Limitation.
The filing ties the percentage to May 11, 2026 share data, stating 27,115,646 shares outstanding as of May 11, 2026. The Reporting Persons disclaim beneficial ownership of 5,740,498 shares that would otherwise be convertible due to the Ownership Limitation; the securities reported are directly owned by Tether Investments.
Stablecoin Development Corporation reported a sharp turnaround in Q1 2026, generating $22.3 million of operating income versus a $3.3 million operating loss a year earlier. Results were driven by $2.5 million of staking revenue and a $22.7 million unrealized gain on digital assets.
GAAP net income was $552.4 million, largely from non-cash warrant-related gains of about $5.8 billion offset by a $5.3 billion non-cash loss, which the company stresses are not reflective of recurring cash earnings. As of March 31, 2026, it held 2.15 billion SKY tokens (about 9% of supply), and by May 14, 2026 had increased holdings to roughly 2.26 billion SKY tokens after purchasing about 86.5 million additional tokens. The company also raised approximately $0.6 million by selling 398,367 common shares under its ATM program, leaving $85.7 million available.
Framework Ventures IV L.P. and affiliated entities filed Amendment No. 4 to report their beneficial ownership in Stablecoin Development Corp. They collectively beneficially own 32,715,086 shares of common stock (the “Subject Shares”), representing 46.4% of the company’s outstanding common stock.
The updated stake reflects the vesting of pre-funded warrants to purchase 10,021,850 shares issued to Framework Ventures IV L.P. and other investors on January 16, 2026. The ownership percentage is based on 27,115,646 shares outstanding as of May 17, 2026, and also takes into account 10,735,994 shares underlying pre-funded warrants issued to R01-related investors. The reporting persons have shared voting and dispositive power over all Subject Shares and report no other transactions in the stock during the prior 60 days.
Stablecoin Development Corp received an updated Schedule 13D/A from R01 Fund and related entities. The filing reflects vesting of pre-funded warrants issued on January 16, 2026, which increases their reportable beneficial ownership.
R01 Fund LP, R01 Capital LLC and R01 Capital Manager LLC together report beneficial ownership of 33,429,230 shares of common stock, or 47.4% of the class, based on 27,115,646 shares outstanding as of May 17, 2026 and certain warrant shares. Michael Kazley reports beneficial ownership of 37,548,058 shares, or 50.3%, including additional shares over which he has sole dispositive power. The reporting persons state they have not traded the stock in the past 60 days.
Stablecoin Development Corp issued and sold pre-funded warrants to Framework Ventures IV L.P. representing the right to buy 50,109,253 shares of Common Stock. Framework paid $0.85 per warrant, and each warrant is exercisable at $0.05 per underlying share.
The pre-funded warrants have no expiration date and become exercisable on a tiered schedule: 20% on July 16, 2026, 30% on October 16, 2026, and the remaining 50% on January 16, 2027. All figures already reflect a 1-for-5 reverse stock split effective February 20, 2026. Other related Framework entities and individuals may be deemed beneficial owners to the extent of their pecuniary interest.
Stablecoin Development Corp reported an insider transaction involving a large derivative purchase. On January 16, 2026, R01 Fund LP, an entity associated with the R01 group, bought 53,679,974 pre-funded warrants, each giving the right to buy one share of common stock, at $0.85 per warrant.
The warrants have a $0.05 per share exercise price and no expiration date. They become exercisable in stages: 20% on July 16, 2026, 30% on October 16, 2026, and the remaining 50% on January 16, 2027. After this transaction, R01 Fund LP holds 53,679,974 pre-funded warrants. The filing notes these securities may also be deemed beneficially owned by R01 Capital LLC, R01 Capital Manager LLC, and CEO Michael Kazley, though each disclaims beneficial ownership except to the extent of any pecuniary interest.
Stablecoin Development Corp disclosed that entities associated with Chief Executive Officer Michael John Kazley purchased pre-funded warrants giving rights to acquire 53,679,974 shares of Common Stock. The warrants were issued to R01 Fund LP at a purchase price of $0.85 per warrant, with an exercise price of $0.05 per share.
The pre-funded warrants have no expiration date and become exercisable in tiers: 20% on July 16, 2026, 30% on October 16, 2026 and the remaining 50% on January 16, 2027. The securities are held indirectly through the R01 Entities, which disclaim beneficial ownership except to the extent of their pecuniary interest, and all figures reflect a 1-for-5 reverse stock split effective February 20, 2026.
Stablecoin Development Corporation, formerly NovaBay Pharmaceuticals, reported a sharp shift to a digital-asset-focused model in the quarter ended March 31, 2026. Total assets rose to $179.7 million, largely driven by $160.1 million of SKY tokens, which represented about 89% of assets.
The company generated $2.5 million of staking revenue from the Sky Protocol and reported net income of $552.4 million, mainly from non-cash changes in warrant liabilities and unrealized gains on digital assets. Cash and cash equivalents were $18.4 million, and common stock outstanding was 26.7 million shares after a 1-for-5 reverse split.
During the quarter, the company raised approximately $134.0 million via a January 2026 private placement of pre-funded warrants and about $13.4 million through an at-the-market program, then deployed significant capital into SKY tokens. It ended the period holding about 2.15 billion SKY tokens, roughly 9% of SKY’s total supply, all aligned with a long-duration, staking-based strategy tied to the Sky Protocol stablecoin ecosystem.