Crypto: NovaBay Pharma abandons medicine for stablecoins, to rebrand as "Stablecoin Development Corporation"

NovaBay Pharma (NYSE: NBY), previously focused on antimicrobial eye-care products, is set to overhaul its identity as it pivots fully into crypto. The company will rename itself Stablecoin Development Corporation and change its ticker to SDEV, effective April 3. In January, NovaBay raised $134 million in a private placement and deployed the proceeds to acquire about 2.06 billion SKY tokens, representing roughly 8.78% of the total supply. The position has generated approximately 26.6 million SKY in staking rewards to date. Legacy pharma assets have been wound down, with brands such as Avenova and DERMAdoctor either divested or put on ice. Management now describes the business as an "onchain holding company" built around staking, governance participation, and long-duration exposure to the Sky Ecosystem (formerly MakerDAO). The move stands out as a wholesale corporate pivot rather than a crypto treasury allocation or an ETF push. How it looks a year from now may hinge on where SKY is trading in 12 months.