NovaBay Pharmaceuticals (NBY) — a nanocap with a market cap of around $30 million — has rebranded itself as Stablecoin Development Corporation and changed its ticker to SDEV, marking a full shift from healthcare to crypto.
This follows a $134 million private placement backed by firms including Framework Ventures and Tether Investments, the company said.
The firm is using these funds to build a large position in SKY, the governance token linked to the Sky protocol, a decentralized finance protocol that issues the cryptocurrency-backed dollar-pegged stablecoin USDS.
The company currently has about 2.06 billion SKY tokens, about 8.78% of the total supply, worth about $147 million. It acquired more than half of it on the open market at an average price near $0.065. The rest came as part of the funding deal, which included cash and stablecoins.
The firm has also started staking its holdings to earn rewards. It reports earning around 26.6 million SKY tokens so far, with these rewards varying based on network rules and participation.
CoinDesk has reached out to Stablecoin Development Corp for comment, but has not heard back at the time of writing.
Sky, which evolved from MakerDAO, currently has a SKY stake rate of over 10%, according to the protocol’s website. The token’s value is down about 1.45% over the past 24 hours, while the broader crypto market is up 4% over the same period, as measured by the CoinDesk 20 (CD20) index.
NBY is higher by 5% on Monday.
