NovaBay Rebrands as Stablecoin Development Corporation, Expands Sky Exposure

NovaBay announces a name change to Stablecoin Development Corporation and reveals a large Sky token stake, signaling a crypto-focused pivot via a private placement.

Rich by Coin

2026-03-23

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NovaBay Pharmaceuticals is changing its name to Stablecoin Development Corporation and its NYSE American ticker to SDEV, effective April 3, the company announced Monday. The rebrand completes a pivot from wound care to crypto that began with a $134 million private placement in January. As of March 16, the company held approximately 2.06 billion SKY tokens — roughly 8.78% of the total supply of the Sky protocol’s governance token.

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SKY is currently trading at around $0.07, according to CoinGecko, implying the position is worth roughly $144 million. The token is up 10% over the past month. The January private placement drew capital from R01 Fund LP, Framework Ventures, Tether Investments, and Sky Frontier Foundation.

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As part of the transaction, the company received approximately 943.6 million SKY tokens valued at around $58 million, along with $25 million in cash and $51 million in stablecoins. Since closing, it has spent an additional $70.7 million acquiring roughly 1.09 billion SKY on the open market at an average price of about $0.065. The company has staked the majority of its holdings and reported cumulative staking rewards of approximately 26.6 million SKY.

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The strategy mirrors Michael Saylor’s playbook of using a public equity vehicle to offer leveraged exposure to a single crypto asset. CEO Michael Kazley framed the approach around stablecoins broadly, calling them “the most compelling structural opportunity in digital finance.” The bet comes at a pivotal moment for the Sky ecosystem.

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Sky’s TVL has surged 38% this month to $7.52 billion, making it the fourth-largest DeFi protocol. The growth has been fueled by Sky’s fixed 3.75% savings rate exceeding yields on major lending platforms like Aave and Morpho in a risk-off environment. Honestly, it’s the classic story of how Sky, just like Maker used to, always does better in bear markets because it’s just focused on a solid product that can be trusted to be stable and deliver good returns, Sky founder Rune Christensen told The Defiant.