NovaBay Pharmaceuticals, Inc. announced a corporate name change to Stablecoin Development Corporation and a ticker change to SDEV, effective April 3, 2026. The change signals a complete pivot from a specialty‑pharma business to a blockchain‑focused holding company.
The company has built a substantial position in the Sky protocol’s governance token, SKY. As of March 16, 2026, it holds 2.06 billion SKY tokens, about 8.78% of the token’s total supply of 23.46 billion. The stake was assembled through a $134 million private placement in January 2026 and subsequent open‑market purchases. The private placement delivered 943,599,689 SKY tokens as consideration and the company used $70.7 million of the proceeds to buy an additional 1.09 billion SKY tokens at an average price of $0.065 per token.
In addition to ownership, the company has begun staking its SKY holdings. Cumulative staking rewards reached 26.6 million SKY tokens as of March 16, 2026, reflecting the protocol’s yield potential and the company’s intent to generate ongoing cash flows from staking.
The pivot follows a period of declining performance in NovaBay’s legacy pharmaceutical business. Over the past three years, revenue fell 78.5%, the net margin stood at 31.48%, while operating and EBITDA margins were –49.74% and –63.11%, respectively. After divesting its pharmaceutical assets, the company became a cash shell and pursued a new strategy to capitalize on the growing stablecoin economy.
CEO Michael Kazley said, "We are building the premier public market vehicle to access cash flows within the growing stablecoin economy. The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance. With over 2 billion SKY tokens and an active staking program generating protocol‑level rewards, we are positioning SDEV at the center of this rapidly evolving ecosystem." The statement underscores the company’s confidence in the long‑term value of stablecoin infrastructure and its commitment to delivering returns to shareholders through staking and governance participation.
The company also completed a 1‑for‑5 reverse stock split on February 23, 2026, which reduced the number of shares outstanding and aligned the share price with the new business model. The ticker change to SDEV will take effect on April 3, 2026, marking the formal transition to the new corporate identity.
Investors have responded positively to the announcement, reflecting confidence in the company’s new focus on stablecoin cash flows and its sizable stake in the Sky protocol. The shift positions SDEV as a public market vehicle that can capture the growth of the stablecoin ecosystem while providing a governance platform for the protocol.
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