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