According to The Block, small-cap biotech company NovaBay Pharmaceuticals announced it will rename itself Stablecoin Development Corporation, changing its stock ticker from NBY to SDEV, with the new ticker expected to begin trading on April 3. Following the announcement, the company’s stock rose 19% in a single day to approximately $1.40, though it remains down more than 95% year-to-date. The company disclosed that, as of March 16, it held approximately 2.06 billion SKY tokens, with a market value of about $150 million, representing roughly 8.8% of the total supply. It has also accumulated approximately 26.6 million token rewards through staking. SKY is the governance token of the Sky protocol, rebranded within the MakerDAO ecosystem. These holdings stem from a $134 million private financing round completed in January, with investors including Framework Ventures, Tether Investments, and the Sky Frontier Foundation. The company has positioned its strategy as a "on-chain holding company" model, centered on long-term participation in protocol-level activities, with SKY currently being the only approved digital asset under its framework.
NovaBay Renames to Stablecoin Development Corporation, Shares Rise 19%
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Summary
NovaBay Pharmaceuticals, now announced as Stablecoin Development Corporation, will rebrand with the ticker SDEV effective April 3. Shares rose 19% to $1.40 following the project announcement. The company holds 206 million SKY tokens, valued at $150 million, and has earned $26.6 million in staking rewards. The tokens were acquired through a $134 million private placement led by Framework Ventures, Tether Investments, and the Sky Frontier Foundation—a key partnership announcement. The company is positioning itself as a chain-based holding company focused on protocol-level activities, with SKY as its sole approved digital asset.
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