Sky (SKY) Surges on Galaxy Deal, SEC Clarity, and Visible Buyback Activity

Over the past ~25 hours, Sky (SKY) has surged by 8.79%, driven by multiple factors.

The single clearest catalyst behind this strength is Galaxy Digital's $100M sUSDS treasury allocation and SKY accumulation. This deal extends the RWA/institutional narrative for Sky, with Galaxy integrating sUSDS into its corporate treasury and loan infrastructure as collateral.

Galaxy's decision is significant, as it highlights Sky's strong fundamentals: five consecutive profitable quarters and a 149% year-on-year growth in sUSDS supply. Institutional counterparties can now post sUSDS as collateral while earning the Sky Savings Rate, tying Sky to Galaxy's $1.4B average institutional loan book and $2.5B cash and stablecoin base.

The SEC has also provided regulatory clarity on token buybacks for functional crypto networks, explicitly listing SKY among live protocols whose buyback programs can proceed under clarified guidance. This reduced perceived legal overhang on buybacks supports renewed demand for Sky's tokens.