NovaBay Pharmaceuticals has officially pivoted away from healthcare. The company has made a strategic decision to rebrand itself as Stablecoin Development Corporation and adopt the new ticker SDEV as part of a broader shift into digital assets.
The transformation follows a $134 million private placement backed by investors including Framework Ventures and Tether Investments. The company is using the capital to build a significant position in SKY, the governance token of the Sky protocol.
So far, the firm has accumulated approximately 2.06 billion SKY tokens, around 8.78% of the total supply, valued at roughly $147 million. A large portion was acquired on the open market, with the remainder secured through the financing deal using a mix of cash and stablecoins.
The company has also begun staking its SKY holdings, earning approximately 26.6 million additional tokens. Staking rewards vary depending on participation and protocol conditions, but the move signals a long-term commitment to the ecosystem.
The Sky protocol, which evolved from MakerDAO, underpins a stablecoin system tied to crypto collateral. By focusing on governance tokens and staking, the newly rebranded firm is positioning itself within the growing stablecoin infrastructure sector.
Shares of the company rose modestly following the announcement, reflecting investor interest in its new crypto-focused strategy.
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