---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-017872"
form_type: "8-K"
ticker: "SDEV"
cik: "0001389545"
company_name: "Stablecoin Development Corp"
filed_at: "2026-05-20T12:38:54+00:00"
generated_at: "2026-05-20T12:41:15.145618+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# SDEV Q1 2026 operating income $22.3M vs loss $3.3M YoY; GAAP net income $552.4M driven by non-cash warrant gains

## Summary
- Operating income of $22.3 million vs operating loss of $3.3 million in Q1 2025; staking revenue $2.5M, unrealized gain on digital assets $22.7M.
- GAAP net income $552.4M includes net non-cash warrant-related gains: $5.8B gain offset by $5.3B loss, both non-cash and non-operating.
- Held 2.15B SKY tokens (9% of supply) at Mar 31, 2026, cost basis $137.4M, fair value $160.1M; 2.26B SKY as of May 14, 2026.
- Post-quarter: purchased 86.5M SKY for ~$6.5M on open market; ATM program raised $0.6M net, $85.7M remaining.
- Digital assets $160.1M; cash $18.4M; total assets $179.7M as of Mar 31, 2026.

## SEC filing metadata
- accession: 0001437749-26-017872
- form_type: 8-K
- ticker: SDEV
- cik: 0001389545
- company_name: Stablecoin Development Corp
- filed_at: 2026-05-20T12:38:54+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/0001437749-26-017872-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/nby20260519_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-017872
- JSON: https://secwatch.observer/filing/0001437749-26-017872.json
- Plain text: https://secwatch.observer/filing/0001437749-26-017872.txt

## Key facts
- Earnings Releases
  Stablecoin Development Corp reported the first quarter ended March 31, 2026 results: net income $552.4 million.
  - Period: the first quarter ended March 31, 2026
  - Net income: $552.4 million
  - Result: reported results
  source text: On May 20, 2026, the Company issued a press release announcing its results of operations for the quarter ended March 31, 2026
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/0001437749-26-017872-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.