SDEV is building a publicly traded platform focused on the stablecoin ecosystem, beginning with a strategic position in Sky and expanding into revenue-generating opportunities across digital financial infrastructure.
Stablecoins are emerging as a foundational layer of digital finance, yet direct exposure to their economic upside has historically been limited in public markets.
SDEV is designed to bridge that gap.
As the world's largest yield-bearing stablecoin issuer, SKY enables participation in protocol economic activity, making it our natural first position as we bring on-chain stablecoin value to public market shareholders.
SDEV Holdings Summary
Core investor data at a glance - SEC filings + live market pricing.
Sky Tokens Held
SKY Per latest SEC filing10-K / SUPPLEMENTAL DISCLOSURE
CURRENT MARKET VALUE
$ × current SKY pricekscope.io
% of Total Network Supply
8.8%Per latest SEC filing
WARRANT STRUCTURE
837,696,130 Shares Pre-funded warrants · ~9.9 mo weighted-avg exercise delay10% DAILY VOLUME CAP POST-EXERCISE
SKY Rewards Earned
SKY units earned + dollar valueLatest Press Release
Per latest SEC filing
CONSIDERATION MIX
$25M Cash · $51M Stablecoins · ~$58M SKY Total consideration breakdownSEC FILING
PERFORMANCE
SKY vs ETH
Indexed price performance comparison.
Indexed to 100 at start of selected period.
Source: kscope.io
Disclaimer: Past performance is not indicative of future results. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.
Daily Fee Comparison
SKY vs. Ethereum - Daily Fee Comparison
Source: kscope.io
The SKY Protocol offers more concentrated participation in the stablecoin economy than ETH. Sky Protocol generates approximately 1-3x the daily fees of Ethereum itself, is directly exposed to stablecoin growth, and trades at a fraction of ETH’s valuation.
Of the top 3 stablecoins, only one works for you.
USDS is the only top-3 stablecoin that natively pays yield to stakers - currently , funded by real protocol revenue, not subsidies.
#1
USDT Tether
#2
USDC
Circle
YIELD
None
#3
USDS
Sky LIVE
YIELD
RELATIVE NETWORK SCALE
Where SKY Fits in the Crypto Landscape
This chart compares SKY's fully diluted valuation (FDV) against leading digital assets and digital asset companies. Viewing SKY alongside established protocols provides context for network scale and highlights the relative valuation gap.
Fully Diluted Market Cap Comparison • Relative Network Scale
Ethereum (ETH)
Hyperliquid (HYPE)
Circle (CRCL)
Aave (AAVE)
Sky (SKY)
Novabay's Primary Holding
Source: kscope.io
A Top Fee-Generating Protocol in DeFi
Sky Protocol is among the leading fee-generating systems in decentralized finance.
As a governance token holder, SDEV participates in protocol governance processes that influence key economic parameters.
SKY PROTOCOL - PROTOCOL FEES
DAILY FEE
Total protocol fees generated daily
Protocol Fees 30D
Total fees generated by Sky Protocol over the last 30 days
ANNUALIZED FEE RUN-RATE
Based on current daily protocol fee generation × 365
FY 2025 GROSS REVENUE
$338.0MFull-year realised protocol revenue
Source: kscope.io