SKY Financial Corporation SDEV Reports $2.2 Million Staking Revenue in Q2, Holdings Increase to 10%

SKY Financial Corporation (Stablecoin Development Corporation, NYSE: SDEV) has released its Q2 2026 financial report, revealing staking revenue of $2.2 million. The company incurred a non-cash unrealized loss of $50.6 million due to a decline in SKY prices, resulting in an operating loss of $53.8 million. For the first half of the year, total staking revenue amounted to $4.7 million, with an operating loss of $31.6 million. As of June 30, the company held approximately 2.2865 billion SKY tokens, accounting for about 10% of the total supply, with a cost basis of $147.2 million and a fair value of $119.2 million, most of which has been staked. In Q2, the company added 31.75 million SKY tokens as staking rewards, bringing the total staking rewards to 67.13 million tokens. The financial report indicates that the company completed the cashless exercise of all warrants due in October 2025 on June 15, eliminating all warrant liabilities from its balance sheet, and has relocated its headquarters from Emeryville, California, to West Palm Beach, Florida. As of July 27, the company's SKY holdings increased to approximately 2.29617 billion tokens, with a market value of about $128 million. The company emphasized that it did not sell any SKY tokens during Q2. The Sky Protocol's annualized revenue run rate is approximately $419 million, with a net surplus of about $29.9 million for Q2, and the protocol's reserves reached approximately $82.5 million, while the supply of USDS stablecoin increased to about $10 billion, representing a year-on-year growth of approximately 97%.