secwatch.observer — SEC 8-K summary
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Issuer:     Stablecoin Development Corp (SDEV)
CIK:        0001389545
Form:       8-K
Filed at:   2026-05-20T12:38:54+00:00
Accession:  0001437749-26-017872
Event type: earnings
Sentiment:  positive
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/0001437749-26-017872-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/nby20260519_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-017872

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