NovaBay Pharmaceuticals surged nearly 19% after announcing a rebrand to Stablecoin Development Corporation, marking a strategic shift toward crypto and stablecoin markets.
The company said it will focus on accessing cash flows from the growing stablecoin economy, aligning its business with digital asset infrastructure.
“The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance,”
Said CEO Michael Kazley.
The firm disclosed it holds more than 2 billion SKY tokens, representing over 8% of total supply, as part of its new on-chain investment strategy.
NovaBay previously raised $134 million through a private placement backed by Tether Investments to acquire and stake SKY tokens within the ecosystem.
The company said it may continue accumulating SKY tokens while also exploring opportunities in yield-bearing stablecoins as part of its long-term strategy.
The move reflects a broader trend of traditional firms pivoting to crypto, though market volatility and potential consolidation remain key risks for investors.
At the time of reporting, Sky price was $0.07116.