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Stablecoin Development Corporation is restating its 2025 financial statements after misapplying anti-dilution provisions on October 2025 pre-funded warrants, which increased the related warrant liability by $608.6 million. This drove a 2025 net loss of $630.8 million, versus $7.2 million in 2024, largely from non-cash warrant-related losses.
The company has exited its legacy eyecare and skincare businesses and repositioned as an on-chain holding company focused on the Sky protocol ecosystem. By March 16, 2026 it held about 2.1 billion SKY tokens and had deployed approximately $70.7 million to acquire around 1.1 billion SKY tokens.
Management identified a material weakness in internal controls over equity-linked instruments, linked to the warrant error, and acknowledges related control remediation needs. Despite the large accounting losses, cash and cash equivalents were $8.0 million at December 31, 2025, and together with roughly $25.0 million from a January 2026 private placement and $13.5 million from a 2026 ATM program, are expected to fund operations at least through March 19, 2027.
Stablecoin Development Corporation announced that investors should no longer rely on its audited consolidated financial statements for the year ended December 31, 2025, due to an error in accounting for certain pre-funded warrants issued on October 16, 2025. An anti-dilution adjustment increased the shares issuable under these warrants from 1,081,082 to 22,664,040 and reduced the exercise price per share from $0.05 to $0.002385. This will increase the reported warrant liability as of December 31, 2025 from $30.4 million to $639.1 million and increase the net loss for 2025 from $22.1 million to $630.8 million. The company states these adjustments are entirely non-cash and do not affect cash, revenue, operating expenses, operating income, or cash flows. It plans to restate the 2025 financial statements in a Form 10-K/A and expects to reclassify the pre-funded warrants from a liability to equity in its financial statements for the quarter ended March 31, 2026, following stockholder approval on March 12, 2026.
Freiman Paul E. reported acquisition or exercise transactions in this Form 4 filing.
Stablecoin Development Corp director Freiman Paul E. received a grant of 140,000 restricted stock units (RSUs). These RSUs give him the right to receive an equal number of common shares at future dates if the vesting conditions are met.
The award vests in three equal installments: one-third on February 16, 2027, another third on January 16, 2028, and the final third on January 16, 2029. This is a compensation-related equity grant, not an open-market share purchase or sale.