SDEV on NYSE

Stablecoin Development Corp

American finance services company based in Emeryville, incorporated in Delaware. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerSDEV on NYSE1
  • IndustryFinance Services1
  • HeadquartersWest Palm Beach, Florida1
  • Incorporated inDE2
  • Business address222 Lakeview Ave, Suite 800, West Palm Beach, Fl 334012
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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We have undergone significant changes to our business and operations as a result of a series of completed transactions summarized below and discussed in further detail under the next section titled “Recent Developments” below. As a result of these transactions, we have significantly reduced our legacy pharmaceutical business operations and have adopted a new strategic direction as a business, shifting to a capital allocation strategy that focuses on acquiring digital assets that provide exposure to economic participation within open digital financial networks.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

66.3%Gross margin4
-75.4%Operating margin5
-73.8%Net margin5
-6.4%Revenue growth, 20244
-$7.5MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue34¢$3.3M
  • Research and development0¢$42.0K
  • Other costs66¢$6.4M

Out of $9.8M in revenue.45 The company lost money this year.

Financial statements

Revenue6784$9.8M in 2024+48% since 2019
0$5.0M$10.0M$15.0M2019: $6.6M$6.6M20192020: $9.9M$9.9M2020+51%2021: $10.2M$10.2M2021+3%2022: $14.4M$14.4M2022+41%2023: $10.5M$10.5M2023−27%2024: $9.8M$9.8M2024−6%
Gross profit6784$6.5M in 2024+33% since 2019
0$2.0M$4.0M$6.0M$8.0M2019: $4.9M$4.9M20192020: $6.0M$6.0M2020+23%2021: $6.5M$6.5M2021+9%2022: $7.8M$7.8M2022+19%2023: $6.1M$6.1M2023−22%2024: $6.5M$6.5M2024+7%
Operating income67845-$7.4M in 2024−21% since 2019
-$15.0M-$10.0M-$5.0M02019: -$9.4M-$9.4M20192020: -$6.4M-$6.4M2020−32%2021: -$8.9M-$8.9M2021+38%2022: -$14.4M-$14.4M2022+63%2023: -$4.1M-$4.1M2023−72%2024: -$7.4M-$7.4M2024+80%
Net income67845-$7.2M in 2024−25% since 2019
-$15.0M-$10.0M-$5.0M02019: -$9.7M-$9.7M20192020: -$11.0M-$11.0M2020+14%2021: -$5.8M-$5.8M2021−47%2022: -$10.6M-$10.6M2022+82%2023: -$9.6M-$9.6M2023−9%2024: -$7.2M-$7.2M2024−25%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
General and administrative$7.6M$7.4M
Impairment of long-lived assets$854.0K$0
Total operating expenses$8.4M$7.4M
Operating loss-$8.4M-$7.4M
Non-cash (loss) gain on changes in fair value of warrant liability-$509.9M$114.0K
Non-cash loss on fair value of warrant liability in excess of proceeds at issuance-$123.2M$0
Accretion of interest and amortization of discounts on convertible notes-$277.0K-$904.0K
Other expense, net-$20.0K-$581.0K
Net loss from continuing operations-$641.9M-$8.8M
Net income from discontinued operations, net of taxes$11.1M$1.5M
Net loss-$630.8M-$7.2M
Less: Increase to accumulated deficit due to adjustment to common stock warrant exercise price$0-$1.0M
Less: Increase to accumulated deficit due to adjustment to Preferred Stock conversion price$0-$380.0K
Net loss attributable to common stockholders-$630.8M-$8.6M
Basic (and diluted for net loss) (in shares)5.8M shares679.0K shares
Basic loss per share from continuing operations (in dollars per share)-$110-$15
Basic earnings per share from discontinued operations (in dollars per share)$2$2
Basic (loss) earnings per share attributable to common stockholders (in dollars per share)-$108.39-$12.68

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Leadership

Who has led Stablecoin Development Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ramin Najafi2007–2015
  2. Mark M. Sieczkarek2016–2017
  3. John Joseph McGovern2018
  4. David E. Lazar2025
  5. Michael John Kazley2025–now

President

  1. Ramin Najafi2007
  2. Jeffrey Kunin2021–2022

Chief financial officer

  1. John James O'Reilly2007
  2. John Joseph McGovern2017–2018
  3. Jason Philip Raleigh2019
  4. Andrew D. Jones2020–2023
  5. Tommy Law2023–now

Chief operating officer

  1. Henry Blynn2026–now
2010201520202025
Board members and other officers (32)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • CEO AND GENERAL COUNSELJUSTIN HALL named Nov 17, 2021 to Jun 28, 202453
  • DirectorPAUL FREIMAN named Nov 17, 2021 to Jun 28, 202453

Former names

  • NovaBay Pharmaceuticals, Inc.Feb 14, 2007 to Mar 23, 20262

Timeline

  1. Oct 20, 2025New chief executive Michael John Kazley becomes CEO14
  2. Aug 26, 2025New chief executive David E. Lazar becomes CEO13
  3. Oct 11, 2018New chief executive John Joseph McGovern becomes CEO15
  4. Jun 8, 2016New chief executive Mark M. Sieczkarek becomes CEO16
  5. Oct 24, 2007New chief executive Ramin Najafi becomes CEO17

Filings

360 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 76 major events, 93 insider forms, 37 large holders, 8 private raises, 123 other. The latest 20:

  1. Oct 6, 2026S-3/A EDGAR
  2. Oct 5, 20268-K EDGAR
  3. Sep 29, 20268-K EDGAR
  4. Sep 28, 2026DEF 14A EDGAR
  5. Sep 16, 2026S-3/A EDGAR
  6. Sep 8, 20263 EDGAR
  7. Sep 8, 20268-K EDGAR
  8. Aug 21, 2026SCHEDULE 13D/A EDGAR
  9. Aug 17, 2026SCHEDULE 13G/A EDGAR
  10. Aug 11, 2026S-3 EDGAR
  11. Jul 31, 20268-K EDGAR
  12. Jul 30, 202610-Q EDGAR
  13. Jul 24, 2026SCHEDULE 13D/A EDGAR
  14. Jul 24, 2026SCHEDULE 13D/A EDGAR
  15. Jul 24, 20263 EDGAR
  16. Jul 22, 2026SCHEDULE 13D/A EDGAR
  17. Jul 17, 20268-K EDGAR
  18. Jun 17, 20264 EDGAR
  19. Jun 17, 20264 EDGAR
  20. Jun 17, 20264 EDGAR

The 360 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

62 open-market trades by officers, directors and large owners since October 2021: 51 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026Kazley Michael JohnChief Executive OfficerSale24,720$1.09$26.9KForm 4
Jun 15, 2026Framework Ventures Management LLC10% ownerSale24,720$1.09$26.9KForm 4
Jun 15, 2026R01 Capital Manager LLC10% ownerSale24,720$1.09$26.9KForm 4
Apr 8, 2025FAKHRY JAD10% ownerBuy300$0.47$141Form 4
Apr 4, 2025FAKHRY JAD10% ownerBuy4,538$0.52$2.4KForm 4
Apr 3, 2025FAKHRY JAD10% ownerBuy22,976$0.56$12.9KForm 4
Apr 2, 2025FAKHRY JAD10% ownerBuy917$0.58$532Form 4
Apr 1, 2025POPLAR POINT CAPITAL PARTNERS LP10% ownerBuy19,915$0.59$11.8KForm 4
Mar 31, 2025POPLAR POINT CAPITAL PARTNERS LP10% ownerBuy21,654$0.59$12.8KForm 4
Mar 28, 2025POPLAR POINT CAPITAL PARTNERS LP10% ownerBuy49,400$0.61$30.1KForm 4
Mar 27, 2025POPLAR POINT CAPITAL PARTNERS LP10% ownerBuy19,104$0.62$11.8KForm 4
Mar 26, 2025POPLAR POINT CAPITAL PARTNERS LP10% ownerBuy13,292$0.61$8.1KForm 4
Mar 25, 2025FAKHRY JAD10% ownerBuy22,635$0.61$13.8KForm 4
Mar 24, 2025FAKHRY JAD10% ownerBuy100$0.61$61Form 4
Mar 21, 2025FAKHRY JAD10% ownerBuy6,372$0.61$3.9KForm 4
Mar 20, 2025FAKHRY JAD10% ownerBuy5,320$0.61$3.2KForm 4
Mar 19, 2025FAKHRY JAD10% ownerBuy1,500$0.60$900Form 4
Mar 18, 2025FAKHRY JAD10% ownerBuy14,000$0.63$8.8KForm 4
Mar 18, 2025POPLAR POINT CAPITAL GP LLC10% ownerBuy10,000$0.63$6.3KForm 4
Mar 14, 2025POPLAR POINT CAPITAL GP LLC10% ownerBuy25,511$0.63$16.1KForm 4

All 62 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 16, 2026Raised $134 million in a private offering of securities Form D: 4 investors so far Form D
  2. Jun 14, 2024Raised $225,953 in a private offering of securities Form D: 5 investors so far Form D
  3. Mar 24, 2024Raised $665,000 in a private offering of debt Form D: 5 investors so far Form D
  4. Dec 21, 2023Raised $554,808 in a private offering of securities Form D: 5 investors so far Form D
  5. May 1, 2023Raised $3 million in a private offering of debt Form D: 5 investors so far Form D
  6. Sep 23, 2022Raised $3.2 million in a private offering of equity Form D: 4 investors so far Form D
  7. Sep 9, 2022Raised $2.1 million in a private offering of equity Form D: 9 investors so far Form D
  8. Nov 2, 2021Raised $15 million in a private offering of equity Form D: 7 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.424,695$445.9K0.0%+1,352
Vanguard Capital Management LLC326,988$343.3K0.0%+54,831
Geode Capital Management, LLC281,483$295.7K0.0%−8,786
Vanguard Fiduciary Trust Co131,840$138.4K0.0%+1,056
State Street Corp117,154$123.0K0.0%No change
Northern Trust Corp59,926$62.9K0.0%+6,250
Bank of New York Mellon Corp28,033$29.4K0.0%New
Renaissance Technologies LLC26,142$27.4K0.0%−56,653
State of Wyoming23,509$24.7K0.0%−789
Jane Street Group, LLC22,639$23.8K0.0%−98,465
Two Sigma Investments, LP12,396$13.0K0.0%−12,399
Vanguard Global Advisers, LLC11,414$12.0K0.0%No change
Tower Research Capital LLC (TRC)8,571$9.0K0.0%+6,423
SBI Securities Co., Ltd.406$4260.0%New
UBS Group AG205$2150.0%+202
Morgan Stanley3$30.0%No change
Nvwm, LLC1$10.0%No change
Caitong International Asset Management Co., Ltd1$10.0%New
Farther Finance Advisors, LLC1$10.0%New
Mosley Wealth Management1$10.0%New
Fmr LLC0$00.0%−3
Royal Bank Of Canada1$00.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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