Framework Ventures Management LLC 4

What Happened
Framework Ventures IV L.P. (reported as a 10% owner) purchased 50,109,253 pre-funded warrants of Stablecoin Development Corp (SDEV) on January 16, 2026, paying $0.85 per warrant for a total of about $42,592,865. This was a purchase of derivative securities (pre-funded warrants), not an immediate purchase of common stock.

Key Details

• Transaction date and type: January 16, 2026 — Purchase (code P) of pre-funded warrants (derivative).
• Price and value: 50,109,253 warrants at $0.85 each; total ≈ $42.6 million.
• Exercise schedule (per footnote): warrants exercisable on a tiered basis — 20% on July 16, 2026; 30% on October 16, 2026; remaining 50% on January 16, 2027. Warrants have no expiration date.
• Reverse split: All figures reflect a 1-for-5 reverse stock split effective February 20, 2026.
• Beneficial ownership note: The filing states the securities may also be deemed beneficially owned by related Framework entities and individuals (Framework GP, Framework Management, Vance Spencer, Michael E. Anderson), who disclaim ownership except for any pecuniary interest.
• Filing timeliness: The Form 4 covers the Jan 16, 2026 transaction but was filed on May 19, 2026 — the report appears to have been filed late (reported transactionTimeliness = L).
• Shares owned after transaction: Not specified in the provided filing.

Context:
Pre-funded warrants are derivative instruments that allow the holder to acquire common shares later (here on a tiered schedule); they are effectively a purchase of the right to receive shares upon exercise. This was an institutional/investor purchase by a 10% owner (not an executive sale), and the filing’s late submission delays public disclosure of the trade. The transaction is factual disclosure only and does not indicate management’s intentions or company performance.