Stablecoin Development Corporation (SDEV) filed a Form 8-K on October 5, 2026, disclosing its digital asset holdings and financial position as of September 30, 2026. The company reported holding approximately 2.321 billion SKY tokens, the governance token of the Sky Protocol, with a fair value of about $180.2 million. This represents a significant increase from the $119.2 million valuation reported as of June 30, 2026.
The filing details that the company earned approximately 34.6 million SKY in staking rewards during the third quarter of 2026. All staking rewards earned to date have been retained and remain deployed in the protocol's staking smart contract. As of September 30, 2026, the company held approximately $7.2 million in cash and cash equivalents and reported no outstanding indebtedness.
In other events, the company noted that as of October 2, 2026, it held approximately 2.3219 billion SKY, representing roughly 10% of the total SKY supply. The filing also references a private placement completed on January 16, 2026, which raised approximately $134 million in gross proceeds. This capital was raised through the sale of pre-funded warrants and SKY tokens and stablecoins to support a multi-year strategy focused on acquiring digital assets.
The company’s strategy, approved by its Board of Directors, currently focuses on SKY as the only approved digital asset for investment. The company holds SKY in a non-custodial manner and utilizes public and private key pairs for custody. The filing also details the Sky Protocol’s structure, noting that it is a decentralized protocol developed around the USDS stablecoin and that SKY serves as its governance token.
