Stablecoin Development Corporation Posts $22.3M Q1 Operating Income and $552.4M GAAP Profit
SDEV•Stablecoin Development Corporation reported Q1 2026 operating income of $22.3 million, driven by $2.5 million in staking revenue and $22.7 million in unrealized asset gains. GAAP net income was $552.4 million, including $535 million of non-cash warrant gains, and token holdings rose to 2.26 billion SKY.
1. Q1 2026 Financial Results
Operating income for Q1 2026 was $22.3 million, reversing a $3.3 million loss in Q1 2025, driven by $2.5 million in staking revenue and $22.7 million in unrealized digital asset gains. GAAP net income was $552.4 million, reflecting a $5.8 billion non-cash gain and a $5.3 billion non-cash loss on warrant liabilities, with $3.5 million in income tax expense.
2. SKY Token Holdings and Staking
As of March 31, 2026, the company held 2.15 billion SKY tokens, representing 9% of the total supply, with a cost basis of $137.4 million and a fair value of $160.1 million. The majority of these tokens were deployed in staking activities, which yielded 35.4 million SKY tokens and $2.5 million in staking revenue during the quarter.
3. Subsequent Events and Balance Sheet
Through May 14, 2026, the company purchased 86.5 million additional SKY tokens for $6.5 million, increasing holdings to 2.26 billion tokens. Cash and cash equivalents stood at $18.4 million, digital assets at $160.1 million and total assets at $179.7 million, and the company sold 398,367 shares under its ATM program for $0.6 million, leaving $85.7 million available for issuance.
