SDEV Spends Over $100 Million to Increase SKY Token Holdings to 8.78%

KuCoinFlash

Release Time: 03/23/2026 14:46:20

SKY

$0.078160.68%

Summary

SDEV, formerly NovaBay Pharmaceuticals, has invested over $100 million to increase its SKY token holdings to 8.78% of the total supply. The company now owns 2.06 billion SKY tokens, valued at approximately $14.7 million, with部分 purchases made on the secondary market at $0.065 per token. SDEV has also begun staking SKY and has earned 26.6 million in staking rewards. This move follows growing interest in new token listings and token launch announcements within the DeFi space.

Odaily Planet Daily reports: Nasdaq-listed company NovaBay Pharmaceuticals has renamed itself Stablecoin Development Corporation (ticker symbol changed from NBY to SDEV) and shifted its business focus to cryptocurrency and stablecoin-related fields.

The company previously completed a private funding round of approximately $134 million, primarily allocating the funds to acquire governance tokens (SKY) of the decentralized stablecoin protocol Sky. It currently holds around 2.06 billion SKY tokens, representing approximately 8.78% of the total supply, with a market value of about $147 million. Some of these tokens were acquired on the secondary market at an average price of approximately $0.065.

In addition, the company has begun staking SKY and earning rewards, accumulating approximately 26.6 million SKY in staking rewards. (CoinDesk)

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