Stablecoin Development Corporation filed its quarterly report on Form 10-Q with the SEC on October 29, 2026, covering the period ended September 30, 2026, disclosing a nine-month net income attributable to common stockholders of $561,696 thousand alongside a significant expansion of its digital asset holdings.

Key Highlights

  • Nine-month net income: The company reported net income attributable to common stockholders of $561,696 thousand for the nine months ended September 30, 2026, compared to $4,455 thousand for the same period in 2025.
  • Digital assets: Digital assets at fair value were $180,209 thousand as of September 30, 2026, up from zero at December 31, 2025, according to the filing.
  • Staking revenue: The company recorded staking revenue of $6,809 thousand for the nine months ended September 30, 2026; no staking revenue was reported in the comparable 2025 period.
  • Warrant liability reclassification: A non-cash gain on changes in fair value of warrant liabilities of $5,846,899 thousand was recognized in the nine-month period, partially offset by a non-cash loss of $5,302,617 thousand on fair value of warrant liabilities in excess of proceeds at issuance.
  • Reverse stock split: The company effected a 1-for-5 reverse stock split of its common stock on February 20, 2026; all share and per share figures in the report are presented on a post-split basis.
  • Shares outstanding: Common stock shares issued and outstanding were 51,751,359 at September 30, 2026, compared to 25,216,436 at December 31, 2025.
  • Total stockholders' equity: Total stockholders' equity was $182,163 thousand at September 30, 2026, compared to a deficit of $(631,815) thousand at December 31, 2025.

Stablecoin Development Corporation's Financial Position and Operations Through September 2026

According to the filing, Stablecoin Development Corporation (NYSE American:SDEV) reported total assets of $188,216 thousand as of September 30, 2026, up substantially from $9,035 thousand at December 31, 2025. The company attributed the increase primarily to digital assets at fair value of $180,209 thousand, a balance that did not exist on the prior year-end balance sheet. Cash and cash equivalents stood at $7,153 thousand at September 30, 2026, compared to $7,958 thousand at December 31, 2025.

The company's income statement reflects two new revenue lines not present in the comparable 2025 periods: staking revenue of $2,140 thousand for the three months ended September 30, 2026, and $6,809 thousand for the nine-month period; and unrealized gain on digital assets of $58,828 thousand for the three months and $30,869 thousand for the nine months. General and administrative expenses were $5,007 thousand for the three-month period and $13,272 thousand for the nine months, the filing disclosed. Income tax expense of $5,598 thousand was recorded for the three-month period and $5,570 thousand for the nine months, representing amounts tied to new deferred tax liabilities that appear on the balance sheet.

The nine-month period included two large non-cash warrant-related items: a loss of $5,302,617 thousand on fair value of warrant liabilities in excess of proceeds at issuance, and a gain of $5,846,899 thousand on changes in fair value of warrant liabilities. Warrant liabilities, which were $639,071 thousand at December 31, 2025, were reduced to zero by September 30, 2026, partly through a reclassification of $204,398 thousand to additional paid-in capital during the first quarter of 2026. The accumulated deficit decreased from $819,054 thousand at December 31, 2025 to $257,358 thousand at September 30, 2026, reflecting the net income recognized during the period.

What Was Disclosed

Stablecoin Development Corporation filed a Form 10-Q for the quarter ended September 30, 2026, reporting nine-month net income of $561,696 thousand, total assets of $188,216 thousand, digital assets of $180,209 thousand at fair value, and staking revenue of $6,809 thousand for the nine-month period, alongside large non-cash warrant fair value adjustments.