Key finding: The Sun-cluster entities collectively entered Sky in a coordinated fashion on 13 January 2026 and have systematically expanded across all four yield products through Q1 2026. A significant reallocation on 20 April saw Justin Sun shift ~$600M from sUSDS into SPK Rewards, making SPK Rewards the largest single product position at $1.06B. The cluster's combined footprint stands at $2.57B as of 23 April, with overall concentration across all four products rising to 40.6%.
Growth Trend
Combined Holdings — Weekly Growth YTD 2026
The chart below shows total combined holdings across all three entities and all four products, sampled at weekly intervals from 1 January through 23 April 2026. The stacked composition shows how each entity's contribution to the total has evolved over time.
Total Combined Holdings (USD, billions) · Weekly · Jan–Apr 2026
Justin Sun
USDD Treasury
HTX
Dashed line shows combined total across all three entities. Bar segments show individual entity contribution.
Weekly Data
Combined Holdings — Weekly Snapshot Table
All figures in USD millions. Justin Sun includes sUSDS, spUSDT, spUSDC, and SPK Rewards positions. USDD Treasury includes sUSDS, spUSDT, and SPK Rewards. HTX includes sUSDS, spUSDT, and spUSDC. Week-on-week change refers to the combined total.
| Week of | Justin Sun | USDD Treasury | HTX | Combined Total | WoW Change |
|---|---|---|---|---|---|
| Jan 1, 2026 | $474M | $35M | — | $509M | Opening |
| Jan 8, 2026 | $474M | $35M | — | $509M | Flat |
| Jan 15, 2026 ★ | $993M | $185M | — | $1,178M | +$669M (+131%) |
| Jan 22, 2026 | $1,049M | $186M | — | $1,235M | +$57M (+5%) |
| Jan 29, 2026 | $1,047M | $186M | — | $1,233M | Flat |
| Feb 5, 2026 | $1,099M | $186M | — | $1,285M | +$52M (+4%) |
| Feb 12, 2026 | $1,179M | $187M | — | $1,366M | +$81M (+6%) |
| Feb 19, 2026 | $1,245M | $187M | — | $1,432M | +$66M (+5%) |
| Feb 26, 2026 | $1,219M | $187M | — | $1,406M | −$26M (−2%) |
| Mar 5, 2026 ★ | $1,495M | $307M | $61M | $1,863M | +$457M (+32%) |
| Mar 12, 2026 | $1,533M | $308M | $239M | $2,080M | +$217M (+12%) |
| Mar 19, 2026 | $1,558M | $372M | $377M | $2,307M | +$227M (+11%) |
| Mar 26, 2026 | $1,560M | $367M | $453M | $2,380M | +$73M (+3%) |
| Apr 2, 2026 | $1,579M | $441M | $585M | $2,605M | +$225M (+9%) |
| Apr 9, 2026 | $1,581M | $441M | $633M | $2,655M | +$50M (+2%) |
| Apr 16, 2026 | $1,580M | $333M | $633M | $2,546M | +$1M (0%) |
| Apr 17, 2026 | $1,580M | $334M | $633M | $2,547M | +$1M (0%) |
| Apr 18, 2026 | $1,580M | $334M | $633M | $2,547M | 0M (0%) |
| Apr 19, 2026 | $1,581M | $308M | $633M | $2,522M | −$25M (−1%) |
| Apr 20, 2026 ★ | $1,683M | $257M | $633M | $2,572M | +$51M (+2%) |
| Apr 21, 2026 | $1,683M | $257M | $633M | $2,572M | 0M (0%) |
| Apr 22, 2026 | $1,683M | $257M | $633M | $2,573M | +$1M (0%) |
| Apr 23, 2026 | $1,683M | $257M | $633M | $2,573M | 0M (0%) |
| YTD Growth | +$1,208M | +$221M | +$633M | +$2,064M | +404% total |
★ Denotes weeks with significant step-changes. Jan 15 reflects Jan 13 coordinated sUSDS entry. Mar 5 reflects JS sUSDS breakout above $800M, USDD Treasury sUSDS doubling, and HTX first appearance. Apr 20 reflects Justin Sun's reallocation of ~$600M from sUSDS into SPK Rewards, and expansion of spUSDC from $29M to $132M.
Product Breakdown
Current Holdings by Entity & Product (Apr 23, 2026)
| Product | Justin Sun | USDD Treasury | HTX | Row Total | % of Product Supply |
|---|---|---|---|---|---|
| sUSDS | $436.7M | $172.7M | $219.1M | $828.5M | 23.6% |
| spUSDT | $91.6M | $49.1M | $403.1M | $543.8M | 55.4% |
| SPK Rewards | $1,022.4M | $35.0M | — | $1,057.4M | 76.6% |
| spUSDC | $132.4M | — | $10.6M | $143.0M | 30.4% |
| Entity Total | $1,683.1M | $256.7M | $632.9M | $2,572.7M | 40.6% |
Analysis
Growth Phases & Key Observations
Phase 1 · Jan 1–12
Pre-entry: Minor spToken & SPK positions only
At the start of 2026, the cluster's Sky footprint was limited to $474M held by Justin Sun (primarily the locked $422M SPK Rewards farming position plus small spUSDC/spUSDT allocations) and USDD Treasury's $35M SPK position. sUSDS — the flagship product — had zero exposure.
Phase 2 · Jan 13 — Feb 26
Coordinated sUSDS entry doubles the total overnight
On 13 January, Justin Sun and USDD Treasury simultaneously entered sUSDS with $543M and $150M respectively — a combined $693M single-day addition. The total rose from $509M to $1.18B (+131%) in one week. The following six weeks saw steady organic growth as JS scaled sUSDS toward $675M and its spUSDT position climbed from $24M to $180M.
Phase 3 · Mar 1 — Mar 21
The "March surge": HTX enters, all entities expand
The most significant growth phase. Between March 1–21, the combined total rose from $1.4B to $2.3B (+64% in 3 weeks). JS crossed $1B in sUSDS on March 7–8. USDD Treasury's sUSDS position doubled from $150M to $272M. HTX made its debut, entering sUSDS and then aggressively building spUSDT to $187M and sUSDS to $219M — all within 18 days.
Phase 4 · Mar 22 — Apr 23
HTX spUSDT surge to $403M; USDD Treasury partially unwinds
HTX continued scaling its spUSDT position, reaching $334M on Mar 29 then $403M by Apr 12 — its single largest Sky product. USDD Treasury briefly surged its own spUSDT to $334M (Mar 29) before reducing to $49M by Apr 23. On 20 April, Justin Sun executed a significant reallocation: sUSDS dropped from ~$1,036M to ~$437M while SPK Rewards jumped from $422M to $1,022M — a ~$600M shift into the farming contract. Justin Sun's spUSDC also expanded from $29M to $132M. These moves pushed overall cluster concentration to 40.6% across all four products.
DATA & ATTRIBUTION: On-chain data sourced from ChainFundamentals using the following datasets:
4833785 · sUSDS wallet groups ·
6015033 · spUSDT wallet groups ·
6015027 · spUSDC wallet groups ·
5376479 · SPK Token Rewards depositors.
Entity attribution is provided by ChainFundamentals and is high-confidence but not definitive.
DISCLAIMER: This report is for informational purposes only and does not constitute investment advice, financial advice, or any form of recommendation. Past performance and on-chain behaviour do not predict future outcomes.
DISCLAIMER: This report is for informational purposes only and does not constitute investment advice, financial advice, or any form of recommendation. Past performance and on-chain behaviour do not predict future outcomes.