NovaBay Pharmaceuticals (NBY) – a nanocap with a market cap of around $30 million – has renamed itself Stablecoin Development Corporation and changed its ticker to SDEV, marking a complete shift from healthcare to crypto.
This follows a $134 million private placement backed by companies including Framework Ventures and Tether Investments, the company said.
The company 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 and dollar-pegged stablecoin USDS.
The company currently holds approximately 2.06 billion SKY tokens, or approximately 8.78% of the total supply, worth approximately $147 million. It acquired more than half of it on the open market at an average price close to $0.065. The rest was part of the funding deal, which included cash and stablecoins.
The company also began betting on its entries to win rewards. It reports having earned approximately 26.6 million SKY tokens so far, with these rewards varying 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 staking rate of over 10%, according to the protocol’s website. The token’s value is down approximately 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 Index (CD20).
NBY is up 5% on Monday.
