Stablecoin Development values its SKY holdings at $180.2 million at the end of September
Key Facts
Stablecoin Development’s preliminary holdings of SKY tokens were valued at about $180.2 million on September 30, 2026, compared with about $119.2 million on June 30, according to an update the company filed with the U.S. Securities and Exchange Commission. The update reflects the valuation of the position at the end of the third quarter and does not represent final quarterly financial results. The company estimated its balance at 2,321,079,862 tokens on the same date. The valuation was based on a price of $0.07764 per token on September 30. The figures are preliminary and unaudited, after profit figures in the previous version could not be verified through an open source.
The difference between the estimated values at the end of September and the end of June represents an increase in the carrying value of the holdings during the quarter, while the reported token count remained tied to a specific date, September 30. The price used in the valuation provides a view of the position’s value at the period’s close, but on its own does not establish the amount of realized gains or their impact on the company’s net income. The update did not say that the company’s stake represented a specific share of total SKY supply. Therefore, the description of the holdings as approaching 10% of supply cannot be relied on based on this disclosure. The preliminary value should also not be confused with operating revenue or realized cash flows.
The company recorded staking rewards of about 34.6 million SKY tokens during the quarter ended September 30, 2026, according to the filing with the commission. This figure differs from dollar-denominated cash revenue, as it was reported as the number of tokens earned through staking. This puts the staking rewards alongside the existing holdings, whose preliminary value was estimated at about $180.2 million at the end of the period. But the available filing does not specify the dollar value of the rewards or detail their impact on the company’s net results. It also provides no comparison with rewards in an earlier period.
Sky Protocol data provides separate context from Stablecoin Development’s results: Sky Frontier Foundation said the protocol’s net revenue was $37.19 million in the third quarter of 2026, up 11.8% quarter over quarter. The foundation said net revenue remained positive for the sixth consecutive quarter. These figures pertain to the protocol itself and do not represent the company’s revenue or financial results. In the context of institutional use, the foundation said Galaxy Digital added $100 million worth of sUSDS to its balance sheet on September 23. It also adopted the asset as eligible collateral in its institutional lending operations.
In trading, the company’s stock, SDEV, closed at $1.08 on October 28, 2026, according to EL7 data. That closing price came before the update’s publication date and does not, by itself, show how the stock responded to the results disclosure. The available evidence does not include a specific later date for the release of final financial results or a new update on the holdings. The reported value of the holdings remains a preliminary estimate tied to SKY’s price at the end of September, while staking rewards are reported in token units. Sky Protocol’s revenue remains an indicator of the protocol’s activity, not Stablecoin Development’s performance.