Stablecoin Development Corp

Snapshot

SDEV used to sell eye and skin products but has fully pivoted into a crypto-treasury company holding about 2.3 billion SKY tokens. It earned $4.7M in staking revenue in the first half of 2026, but a $50.6M non-cash token value drop drove a $641.1M net loss for the year.

What's Happening Right Now

• Mon 28th Sep '26 · Proxy statement: SDEV's 2026 proxy disclosed that R01 Fund LP and Framework Ventures IV, together with CEO Michael Kazley, controlled about 87.6% of voting power, plus a large performance RSU grant for the CEO tied to stock-price and digital-asset-value targets.
• Wed 9th Sep '26 · Dilution: SDEV filed an S-3 shelf registering resale of up to 212.9M shares, about 4.2 times the 50.6M shares outstanding, tied to January 2026 pre-funded warrants held largely by CEO-affiliated and crypto-industry holders.
• Wed 9th Sep '26 · Board change: SDEV appointed a Sky Frontier Foundation-designated director to its board and withdrew its unused Series A-F preferred stock designations in Delaware.
• Sat 22nd Aug '26 · Business pivot: SDEV's 10-Q confirmed its transition from NovaBay Pharmaceuticals into a digital-asset holding company, now holding 2.29B SKY tokens worth about $119.2M, roughly 94% of total assets.
• Tue 4th Aug '26 · Investigation: Law firm Abbott Cooper PLLC announced an investigation into potential fiduciary-duty breaches on behalf of SDEV stockholders who held shares before August 19, 2025.