About this Statement
Bitbuy Technologies Inc. (“Bitbuy”) is offering crypto contracts to purchase and sell SKY in reliance on a prospectus exemption granted by the Canadian Securities Administrators (CSA) in the exemptive relief decision dated October 12, 2022. The statutory rights of action for damages and the right of rescission in section 130.1 of the Securities Act (Ontario) and similar legislation in the other CSA jurisdictions do not apply in respect of a misrepresentation in this statement to the extent that a crypto contract is distributed under the above-noted prospectus relief.
No securities regulatory authority in Canada or any other jurisdiction has expressed an opinion about any of the crypto assets (or crypto contracts) that are available through Bitbuy’s platform, including an opinion that the crypto assets are not themselves securities and/or derivatives.
Bitbuy has compiled the information contained in this Crypto Asset Statement to the best of its ability based on publicly available information. Bitbuy is providing this Crypto Asset Statement on an “as is” basis and makes no representation or warranty as to accuracy or completeness of the contents.
About SKY
SKY is the replacement governance token for the Maker Foundation (previously MKR). The Maker Protocol was the first decentralized finance (DeFi) application to see significant adoption and governed the DAI stablecoin. SKY exists to govern the USDS stablecoin protocol, and as such SKY holders are able to vote on protocol and policy changes within the SKY/USDS ecosystem. SKY was created by migrating MKR units on-chain at a ratio of 1:24,000.
Risks
As with all assets, investing in SKY is not without some general risks. Many of these risks are identified and explained in our Risk Statement. In addition to the general risks, we outline some risks that are specific to SKY below. While we make an effort to identify every source of risk, we encourage you to do your own research and ensure you are comfortable investing in SKY.
The Connected Nature of SKY and USDS
Since SKY exists to govern USDS, SKY is inherently linked to USDS. USDS is an algorithmic stablecoin produced via overcollateralized lending of other on-chain assets. Consequently, a failure of USDS could trigger a change in market sentiment towards SKY, or trigger the minting of additional SKY to provide more collateral to USDS and ultimately affect SKY token price. Bitbuy does not offer USDS trading at the time of writing.
Rune Christensen’s Influence on MakerDAO and SKY
Although MakerDAO was a decentralized autonomous organization governed by voting by MKR token holders, its founder has been able to demonstrate control over DAO decisions by exercising his influence and large token holdings. In June 2022, MakerDAO began the voting process on proposals for significant protocol changes, which prompted the largest voter participation in MakerDAO’s history. The proposal saw numerous large venture capital firms voting together, with Rune Christensen and others from the Maker founding team voting against them. Following the vote, which ended in Christensen’s favour, members of the MakerDAO community expressed concern about his influence. It was suggested that MakerDAO shouldn’t be called a DAO, but should be considered a company with a CEO, referring to the founder’s influence on protocol changes. Christensen is actively involved with SKY, and the migration from MKR to SKY, and as a result SKY may be exposed to the same risk.
Concentration of SKY Among Top Holders
The SKY token supply is highly concentrated. At the time of writing, the top 2 wallets (excluding the address of the migration contract itself) hold over 53% of the supply. This means that the decisions of the largest holders could greatly affect the market price of SKY as they control the majority of marketable supply. Investors should consider the concentration of token holders, and consequently the voting rights of the governance token, when evaluating SKY.
Bitbuy’s Due Diligence for Digital Assets
To be made available for trading on Bitbuy’s platform, a digital asset must pass the following due diligence reviews:
Bitbuy undertakes these three levels of due diligence in order to determine whether the digital asset is compliant with our legal and regulatory obligations, is secure, and has historical data supporting a beneficial business case. Bitbuy’s New Product Committee must provide final approval for a new digital asset to be made available on the platform.
References
Last updated: Sept 3, 2025
