Sky

SDEV

2026-10-03 04:54:49

SDEV closes at $7.48 after 104.37% daily jump, up about 770% in a month

Stablecoin Development Corporation, trading on U.S. markets under the ticker SDEV, closed at $7.48 on Oct. 2 after a 104.37% one-day gain, extending its roughly one-month rise to about 770% from the Sept. 2 close of $0.8591. Trading volume for the session was about 138 million shares. The company said on Sept. 29 that it was not aware of any undisclosed material information. SDEV, formerly NovaBay Pharmaceuticals, has repositioned itself as an on-chain holding company focused on SKY, the governance token of the Sky protocol, formerly MakerDAO. According to its September S-3/A filing, the company held about 2.315 billion SKY as of Sept. 13, or roughly 10% of total supply. Nearly all of those tokens were staked. In the second quarter, it recorded 31.746 million SKY in staking rewards and recognized $2.2 million in revenue, while also booking a $50.6 million unrealized loss as SKY fell. The report says SDEV’s mNAV moved from 0.39 on Sept. 28 to about 1.9x based on the Sept. 18 share count and the Oct. 2 close. It also notes 167.5 million prepaid warrants remain unexercised, which would lift the fully diluted market capitalization to about $1.64 billion, or roughly 8x the value of the company’s SKY holdings.

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SKY

2026-10-03 01:11:22

SKY treasury firm SDEV jumps another 104.37%, up 770% over the past month

Shares of SKY treasury firm SDEV posted another sharp gain as U.S. stocks closed higher, with BIT (bit.com) data showing the stock rose 104.37% to $7.48 on the day. Over the past month, the stock has climbed a cumulative 770%, according to the same market data cited by BlockBeats. HTX market data showed SKY token moved more steadily on Oct. 3, last trading at $0.087103, down 6.82% over the previous 24 hours. The divergence left the listed company’s stock surging while the token itself saw a modest pullback. BlockBeats also referenced its Sept. 28 report, which said SDEV’s mNAV was only 0.39 at that time. That meant the company’s stock market capitalization was equal to 39% of the market value of its SKY holdings. The report said SDEV’s long-running discount was mainly tied to market concerns that the company could again raise funds through an at-the-market, or ATM, share issuance, which would dilute existing shareholders.

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U.S. premarke

2026-09-30 09:30:57

SVRN rises another 10.98% in U.S. premarket after prior-day surge, while SDEV slips

Shares of SVRN, described in the source as a NEAR treasury company, extended their gains in U.S. premarket trading on Sept. 30, according to market data from BIT (bit.com). After jumping 29.34% in the previous session, SVRN added another 10.98% before the open. The source also said the stock is up 669% over the past month as NEAR has remained strong recently. Separately, SDEV, identified as a SKY treasury company, had surged 108.28% in the prior session but fell 13.44% in premarket trading on the day. The move highlights continued volatility among crypto-linked treasury stocks tied to token performance, with SVRN and SDEV both posting sharp back-to-back swings across consecutive trading sessions.

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DeFi

2026-09-21 11:03:26

timzz argues DeFi’s “holy grail” is monetary issuance and distribution

In a commentary published by ChainCatcher, author timzz argues that DeFi is entering a new phase as tokenized U.S. equities and hybrid onchain assets begin to scale. He says trading protocols are the first to benefit from new asset issuance, citing Uniswap’s FDV tripling over the past few months after its fee switch was turned on, but contends the bigger long-term prize lies elsewhere. The piece frames DeFi around five core business models: stablecoin and asset issuance, lending, asset management and yield aggregation, trading, and derivatives. Using DefiLlama revenue rankings for the top 15 protocols, timzz says stablecoin issuers account for 79.8% of 30-day revenue, DEXs 11.8%, Hyperliquid alone 6.6% in derivatives, and lending 1.8%. His central claim is that DeFi’s “holy grail” is the power to issue money. He compares Tether, Circle, and Sky, arguing that issuance economics, reserve structure, and distribution channels across liquidity, trading, lending, and payments will shape the next stage of competition. He also says the next four years could bring deeper integration between DeFi and U.S. finance, with blockchain used to distribute dollar assets and related financial products.

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Sky

2026-09-14 13:24:55

Sky completes first SKY token burn after buying back 2.86 million from the open market

Sky said it has completed its first burn of the SKY token, marking the project’s initial removal of tokens from circulation through a buyback. According to the team’s post on X, the protocol used 5% of its monthly net protocol surplus to repurchase 2.86 million SKY on the open market. Those tokens were then permanently burned. The disclosure ties the buyback directly to protocol earnings for the month rather than describing it as a separate treasury action. Sky said the repurchased tokens have been permanently removed from circulation, making the transaction both a market buyback and a supply reduction event. The announcement did not include extra operational details beyond the amount repurchased, the share of monthly net surplus used, and the fact that the burn has already been completed.

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Sky

2026-09-14 04:03:16

Standard Chartered starts coverage on Sky with a $0.325 target and a two-step case for 5x upside

Standard Chartered has initiated coverage of Sky and framed the protocol as a "federal bank for DeFi," assigning a $0.325 price target for the SKY token by the end of 2028, roughly five times its current level. In Geoffrey Kendrick’s model, USDS and DAI function as protocol-issued money, while Spark, Grove, and Obex act like on-chain commercial banks that borrow capital, deploy it, and generate spread income. That structure, in the bank’s view, creates a direct line between protocol earnings and value returned to SKY holders through staking rewards and token buybacks. The report breaks the bull case into two stages. First, Sky’s reserve buffer could rise from about $90 million to $150 million within roughly eight months, potentially allowing more capital to be directed toward SKY incentives if the buffer also reaches 1.5% of USDS supply. Second, the three Agents are using only about 34% of their combined $17.5 billion borrowing limit, with current borrowings at roughly $5.9 billion. If utilization rises toward the cap and spreads hold, income could increase another two to three times. The report also highlights the weak points in that thesis: whether borrowing demand can scale, whether the 3.8% base rate can be maintained, and whether governance continues directing surplus value back to SKY holders.

910

Sky

2026-09-14 02:00:00

Standard Chartered Sees SKY at $0.325 by 2028 as Sky’s Holder Payout Model Expands

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, initiated coverage on Sky, formerly MakerDAO, on Sept. 11 and set a $0.325 price target for SKY by the end of 2028, roughly five times its current $0.065 level. The call rests on a specific thesis: value returned to SKY holders could rise fivefold as the Sky ecosystem expands and USDS supply grows. Kendrick frames Sky as a kind of “federal bank” for DeFi. In that setup, USDS and DAI function as issued money, while Spark, Grove and Obex act as capital allocators that borrow USDS from the protocol and deploy it across crypto lending and real-world assets. Sky earns a spread from those activities, along with income tied to USDC reserves held through Coinbase and legacy DAI vaults. The report’s valuation model has two stages. First, once Sky’s reserve buffer reaches $150 million and meets a 1.5% capital ratio versus USDS supply, funds available for SKY staking rewards and buybacks could double. Second, if the three Agents move from about $5.9 billion in current borrowing toward their combined $17.5 billion ceiling, revenue could expand another two to three times, assuming spreads hold steady. The article also stresses the assumptions behind that case: Agent borrowing must scale materially, interest spreads must remain intact, and governance must keep directing surplus to SKY holders. Those points remain central to whether the target can be realized.

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Standard Char

2026-09-13 03:20:49

Standard Chartered says SKY could reach $0.325 by the end of 2028

Standard Chartered’s global head of digital assets research, Geoff Kendrick, said in a research note that SKY could rise to $0.325 by the end of 2028, five times the note’s base-case price of $0.065. The bank said it expects SKY’s gains to broadly track ETH and outperform Bitcoin before the end of 2028. The note also outlined operating data tied to the Sky protocol, a decentralized finance platform that adopted its current name in 2024 and launched the USDS stablecoin and SKY governance token. According to the report, Sky-related agents have borrowed $5.9 billion in USDS since September 2024. USDS supply reached $10.04 billion in June, up 96.9% year over year, though that was below May’s $11.14 billion. Standard Chartered said additional growth in USDS supply would increase protocol revenue and distributions to token holders, with staking rewards and token buybacks serving as mechanisms to pass value to SKY holders. The bank added that the value distributed to holders could at least double over the next 12 months, while slower-than-expected growth in yield-bearing stablecoins remains the main risk to SKY’s outlook.

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