Stablecoin Development Corporation (NYSE: SDEV) reported its second-quarter 2026 results, including $2.2 million in staking revenue, a $50.6 million non-cash unrealized loss from SKY's price decline, and a $53.8 million operating loss. According to Foresight News, first-half staking revenue totaled $4.7 million, while operating loss reached $31.6 million.
As of June 30, the company held about 2.2865 billion SKY, representing roughly 10% of total supply. Its cost basis was $147.2 million and fair value was $119.2 million, with most holdings staked. In the second quarter, staking added 31.75 million SKY in rewards, bringing cumulative staking rewards to 67.13 million.
The company said it completed a cashless exercise of all October 2025 warrants on June 15, eliminating all warrant liabilities from its balance sheet. It also moved its headquarters from Emeryville, California, to West Palm Beach, Florida, to reduce fixed costs.
As of July 27, SKY holdings had increased to about 2.29617 billion tokens. At the time, using a price of about $0.056, the holdings were valued at about $128 million. The company said it did not sell any SKY tokens during the second quarter.
The filing also cited Sky ecosystem data showing an annualized revenue run rate of about $419 million for Sky Protocol. Second-quarter protocol net surplus was about $29.9 million, compared with a net loss of $8.2 million a year earlier, while protocol reserves reached about $82.5 million and USDS supply rose to about $10 billion, up about 97% year over year.