Biotech stock NovaBay jumps 19% amid pivot, rebrand to Stablecoin Development Corporation
The Block
NovaBay Pharmaceuticals is rebranding to Stablecoin Development Corporation to pivot its strategy toward digital assets in the Sky ecosystem.Summary
NovaBay Pharmaceuticals announced it will change its name to Stablecoin Development Corporation (ticker SDEV) and shift its focus to digital assets within the Sky ecosystem, causing its stock to jump 19% to about $1.40.
The company disclosed holding approximately 2.06 billion SKY tokens, valued at about $150 million, representing 8.8% of the supply, alongside an active staking program generating rewards.
This strategic realignment follows a January private placement backed by investors like Framework Ventures and Tether Investments, positioning NovaBay as an "on-chain holding company" focused on the Sky protocol, which issues the USDS stablecoin and is gaining attention amid broader stablecoin legislation discussions.
(Source：The Block)