Pharmaceutical Company Shocks Market with Huge Crypto Pivot and Massive SKY Token Purchase!

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Pharmaceutical firm pivots to stablecoins, holds nearly 9% of <a href="https://jpyeur.com/sky-usd/">SKY</a>‘s supplyFinance

What to know:

  • NovaBay Pharmaceuticals is renaming itself Stablecoin Development Corporation and changing its ticker from NBY to SDEV, marking a full shift from healthcare to crypto, following a $134 million private placement.
  • The company is using the proceeds of a private placement to build a large position in SKY, the governance token of the Sky protocol, and now holds around 2.06 billion tokens.
  • The firm has begun staking its SKY holdings to earn rewards, and reports earning around 26.6 million SKY tokens so far, as it prepares for its new focus on crypto and stablecoin development.

NovaBay Pharmaceuticals (NBY), a small company with a market value of around $30 million, has rebranded as Stablecoin Development Corporation and now trades under the ticker symbol SDEV. This change signals a complete move away from the healthcare industry and into the world of cryptocurrency.

We’ve just seen the company complete a $134 million funding round. It was a private placement, meaning the funds came from a select group of investors, including well-known firms like Framework Ventures and Tether Investments.

The company is investing the money to acquire a significant amount of SKY, the digital token used within the Sky protocol. Sky protocol is a decentralized finance system that creates USDS, a stablecoin whose value is linked to the US dollar.

The company currently owns approximately 2.06 billion SKY tokens, representing about 8.78% of the total available and valued at around $147 million. They purchased over half of these tokens directly from the market at an average cost of $0.065 each. The remaining tokens were received as part of a funding agreement that involved both cash and stablecoins.

The company is now earning rewards by staking its digital assets. So far, they’ve earned approximately 26.6 million SKY tokens, and the amount of rewards they receive changes depending on the network’s rules and how much they participate.

CoinDesk contacted Stablecoin Development Corp for a response, but they hadn’t replied as of this moment.

Sky, originally built on the MakerDAO platform, currently offers staking rewards of over 10%, according to its website. However, the token’s price has decreased by about 1.45% in the last 24 hours, while the overall crypto market, as indicated by the CoinDesk 20 index, increased by 4% during the same timeframe.

NBY is higher by 5% on Monday.

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2026-03-23 17:28