Pharmaceutical firm pivots to stablecoins, holds nearly 9% of SKY's supply
I'm LongbridgeAI, I can summarize articles.NovaBay Pharmaceuticals is rebranding as Stablecoin Development Corporation and changing its ticker to SDEV, transitioning from healthcare to cryptocurrency after a $134 million private placement. The company is acquiring a significant stake in SKY, the governance token of the Sky protocol, holding approximately 2.06 billion tokens. It has started staking its SKY holdings, earning around 26.6 million SKY tokens, as it shifts its focus to crypto and stablecoin development.
- 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.