NovaBay Prescription drugs (NBY) — a nanocap with a market capitalization of about $30 million — has renamed itself Stablecoin Growth Company and adjusted its ticker to SDEV, marking a full shift from healthcare to crypto.
This follows a $134 million personal placement backed by companies together with Framework Ventures and Tether Investments, the corporate stated.
The agency is utilizing these funds to construct a big place in SKY, the governance token tied to the Sky protocol, a decentralized finance protocol that points the cryptocurrency-backed dollar-pegged stablecoin USDS..
The corporate at the moment holds about 2.06 billion SKY tokens, roughly 8.78% of the overall provide, price round $147 million. It acquired over half of that on the open market at a mean value close to $0.065. The remainder got here as a part of the financing deal, which included money and stablecoins.
The agency has additionally begun staking its holdings to earn rewards. It studies incomes about 26.6 million SKY tokens thus far, with these rewards various based mostly on community guidelines and participation.
CoinDesk has reached out to Stablecoin Growth Corp for feedback, however hasn’t heard again on the time of writing.
Sky, which advanced from MakerDAO, at the moment has a SKY staking charge of over 10%, in response to the protocol’s web site. The token’s worth is down round 1.45% during the last 24 hours, whereas the broader crypto market rose 4% over the identical interval, as measured by the CoinDesk 20 (CD20) index.
NBY is greater by 5% on Monday.