NovaBay Pharmaceuticals recorded a sharp market reaction after announcing a major strategic shift toward digital assets and stablecoins. The company revealed plans to change its corporate name to Stablecoin Development Corporation, signaling a transition from its traditional biotechnology focus to a digital finance strategy. Following the announcement, shares climbed nearly 19%, reaching about $1.38 during the trading session. The company also confirmed that its stock ticker will change from NBY to SDEV starting April 3.
The move reflects growing interest among publicly listed firms seeking exposure to blockchain-based financial infrastructure, particularly stablecoin-related revenue streams.
SKY Token Holdings and Investment Strategy
As part of the transition, the company disclosed holdings of more than two billion SKY tokens as of mid-March, representing over 8% of the token’s total supply. The assets were acquired through a $134 million private placement backed by a major stablecoin investment affiliate.
NovaBay also reported cumulative staking rewards totaling 26.6 million SKY tokens. The company stated that it intends to continue purchasing additional SKY tokens while maintaining long-term participation in protocol-level economic activity.
Focus on Yield-Bearing Stablecoins
Alongside its SKY investment, the company identified yield-bearing stablecoins as a future area of focus. Management described these assets as an evolving financial tool capable of supporting treasury management, savings mechanisms and broader capital formation within digital ecosystems.
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