According to CoinMeta, Stablecoin Development Corporation ( SDEV ), a listed company that primarily holds and stakes in SKY tokens, generated approximately $2.2 million in staking revenue during the second quarter, which roughly covered its non-GAAP cash operating costs. However, the related SKY rewards were not sold. Affected by the decline in token prices, the company recorded an unrealized loss of $50.6 million on digital assets for the same period, with a net loss of $41.1 million. As of the end of June, SDEV held 2.29 billion SKY tokens, with a fair value of about $119.2 million, accounting for approximately 94% of total assets. In addition, up to 33.5 million warrants became exercisable, which is equivalent to about 66% of the shares issued on June 15th. However, this ratio represents the potential dilution scale and does not reflect the actual dilution that has already occurred.