Biotech stock NovaBay jumps 19% amid pivot, rebrand to Stablecoin Development Corporation
Shares of NovaBay Pharmaceuticals jumped Monday after the small-cap biotech said it will rebrand as Stablecoin Development Corporation and shift its strategy toward digital assets tied to the Sky ecosystem.
The company said it will change its name and ticker from NBY to SDEV, with the new symbol expected to begin trading on April 3.
Shares rose 19% to roughly $1.40 following the announcement, but remain down more than 95% year to date.
As part of the shift, NovaBay disclosed holdings of approximately 2.06 billion SKY tokens as of March 16, worth about $150 million and representing roughly 8.8% of supply, alongside an active staking program that has generated about 26.6 million tokens in rewards.
The SKY token is trading at $0.073, up about 15% year to date, even as the broader crypto market has declined.
The position stems from a strategic realignment earlier this year. In January, the company entered into a $134 million private placement backed by investors including Framework Ventures, Tether Investments, and Sky Frontier Foundation, and began deploying capital into SKY.
The company described the strategy as an "on-chain holding company" model focused on long-duration participation in protocol-level activity, with SKY currently the only approved digital asset under its framework.
Stablecoin momentum
SKY is the governance token of the Sky protocol, the rebranded MakerDAO ecosystem, which issues the USDS stablecoin and generates revenue through lending and other on-chain activity.
NovaBay’s announcement comes as stablecoins draw increasing attention from both investors and policymakers. Lawmakers last week reached an "agreement in principle" on how stablecoin yield could be treated in a broader crypto market structure bill, a key step toward advancing legislation in the Senate Banking Committee.
The company said it sees stablecoins as a growing component of digital financial infrastructure, particularly as yield-bearing models expand across on-chain lending and real-world asset strategies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Booking (BKNG.US) Q3 total bookings reach $54.5 billion, exceeding expectations; adjusted EPS increases by 17%. Q4 guidance turns cautious due to Middle East situation.
Booking Holdings (BKNG.US), the world's largest online travel company, released its Q3 2026 earnings after the US stock market closed on Tuesday. Total bookings, room nights, and adjusted profitability indicators all exceeded market expectations for the quarter, with adjusted earnings per share surging by 17%.
Bank of Canada Says Government Spending Has Not Fueled Inflation; Heavy Crude Oil Discount Hits Eight-Year High
Bank of Canada Governor Macklem stated that government fiscal plans have not yet significantly pushed up inflation, but there are still differences in the market regarding fiscal stimulus and interest rate hikes. Meanwhile, due to rising international shipping costs and intensified competition, the discount for Canadian heavy crude oil has widened to its highest level in eight years.
Alphabet (GOOGL.US, GOOG.US) Re-enters U.S. Municipal Bond Market, Plans to Participate in $1.5 Billion Prepaid Energy Financing Deal
Alphabet, Google’s parent company, is planning to re-enter the U.S. municipal bond market through a $1.5 billion prepaid energy financing deal.
AMD (AMD.US) Q3 Revenue Up 45% Year-on-Year, Reaches Record High; Data Center Business Revenue Nearly Doubles
Data shows that the company’s revenue in the third quarter reached $13.377 billion, a year-on-year increase of 45% and a quarter-on-quarter increase of 16%, setting a new historical high.
Crypto prices
More
