SDEV has invested over $100 million to increase its holdings of SKY tokens, bringing its total stake to approximately 8.78%.

Nasdaq-listed NovaBay Pharmaceuticals has changed its name to Stablecoin Development Corporation (ticker symbol changed from NBY to SDEV), shifting its focus to the crypto and stablecoin sectors. The company previously completed a private placement of approximately $134 million, primarily using the funds to increase its holdings of SKY, the governance token of the decentralized stablecoin protocol Sky. Currently, it holds approximately 2.06 billion SKY, representing about 8.78% of the total supply, with a market capitalization of approximately $147 million. Some of these were purchased on the secondary market at an average price of approximately $0.065. Furthermore, the company has begun staking SKY and earning rewards, having accumulated approximately 26.6 million SKY as staking rewards. (CoinDesk)