A tiny pharmaceutical company has completed a dramatic pivot into crypto, renaming itself Stablecoin Development Corporation and changing its ticker from NBY to SDEV.
What happened
- NovaBay Pharmaceuticals (a nanocap with a market cap of roughly $30 million) announced it is abandoning healthcare for a full-on crypto strategy after closing a $134 million private placement. Backers in the deal included Framework Ventures and Tether Investments.
- The company is deploying those funds to build a large position in SKY, the governance token of the Sky protocol — a DeFi platform that issues the USDS dollar-pegged, crypto-backed stablecoin.
Holdings and staking
- Stablecoin Development Corp now holds about 2.06 billion SKY tokens, roughly 8.78% of SKY’s total supply, with that stake valued at about $147 million.
- More than half of the position was bought on the open market at an average price near $0.065 per token; the remainder was acquired as part of the financing package, which included cash and stablecoins.
- The firm has begun staking its SKY to earn network rewards and reports collecting about 26.6 million SKY tokens so far. SKY staking rewards can vary depending on network rules and participation.
Context and market moves
- Sky traces its design lineage to MakerDAO and currently shows a SKY staking rate north of 10%, per the protocol’s website.
- Over the past 24 hours, SKY was down about 1.45% while the broader crypto market (CoinDesk 20 index) rose roughly 4%. The stock formerly trading as NBY was up about 5% on Monday.
- CoinDesk reached out to Stablecoin Development Corp for comment but had not received a response at the time of publication.
Why it matters
- The shift is notable both for the scale of the crypto position relative to the company’s tiny market cap and for the growing trend of public companies — even outside finance — reallocating capital into governance tokens and staking strategies as a route to yield and protocol influence.
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