SDEV Invests Over $100 Million to Increase Holdings of SKY Tokens, Holding Approximately 8.78% of Supply

Odaily News Nasdaq-listed company NovaBay Pharmaceuticals has been renamed Stablecoin Development Corporation (stock ticker changed from NBY to SDEV), shifting its business focus to the cryptocurrency and stablecoin-related sectors.

The company previously completed a private placement of approximately $134 million and allocated the majority of the funds to increase its holdings of SKY, the governance token of the decentralized stablecoin protocol Sky. It currently holds approximately 2.06 billion SKY tokens, representing about 8.78% of the total supply, with a corresponding market value of approximately $147 million. A portion of these tokens was purchased on the secondary market at an average price of around $0.065.

Furthermore, the company has begun staking its SKY holdings to earn rewards, having accumulated approximately 26.6 million SKY tokens as staking rewards to date. (CoinDesk)