Stablecoin Development Corporation reported third-quarter 2026 net income of $50.4 million, as a sharp rise in the value of its SKY holdings drove a large unrealized gain. The company also earned staking revenue from those holdings and said it raised additional capital through its at-the-market stock offering after quarter-end.
The results underscore that, for now, changes in SKY’s market price have a much larger effect on reported earnings than staking income. SDEV said it did not sell any SKY during the quarter.
Key details
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Net income was $50.4 million, or 23 cents per share. Operating income was $56.0 million. The main driver was a $58.8 million non-cash unrealized gain on digital assets, as SKY’s price rose about 49% during the quarter.
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Staking generated $2.1 million in third-quarter revenue and $6.8 million for the first nine months of 2026. The company said its staked SKY holdings earned 34.6 million SKY in rewards during the quarter.
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SDEV held about 2.32 billion SKY at quarter-end, equal to roughly 10% of the token’s total supply. Its holdings were unencumbered, and it reported that it sold no SKY during the quarter. As of Oct. 26, the company held approximately 2.33 billion tokens.
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Income tax expense was $5.6 million. The company said substantially all of it was non-cash deferred tax tied to the unrealized gain; that gain is not taxable until realized.
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After quarter-end, SDEV received about $45.9 million in net proceeds from its at-the-market offering program. The company also said it had no debt and no warrant liabilities.
What it means
The quarter’s profit largely reflects a rise in the market value of SDEV’s SKY position, rather than cash proceeds from selling tokens. Staking provided a separate revenue stream, while the subsequent offering brought in additional capital. The company’s reported results and asset value therefore remain closely tied to the price of SKY.