Stablecoin company SDEV invests over 100 million dollars in SKY tokens

According to market news, the Nasdaq-listed pharmaceutical company NovaBay Pharmaceuticals has been renamed Stablecoin Development Corporation (stock code changed from NBY to SDEV), with its business fully shifting from healthcare to cryptocurrency and stablecoin development.

The company previously completed approximately $134 million in private placement financing, with investors including Framework Ventures and Tether Investments, and will primarily use the raised funds to increase its holdings in the governance token SKY of the decentralized stablecoin protocol Sky. Currently, SDEV holds about 2.06 billion SKY, accounting for approximately 8.78% of the total supply, with a market value of about $14.7 million, more than half of which was purchased in the secondary market at an average price of about $0.065, with the remainder coming from cash and stablecoins in the financing consideration. The company has begun staking SKY to earn rewards, having so far received approximately 26.6 million SKY staking rewards.