Stablecoin Development Corporation Secures $134M, Holds 8.78% of SKY Token Supply
Stablecoin Development Corporation (formerly NovaBay Pharmaceuticals) raised $134 million and acquired 2.06 billion SKY tokens, representing 8.78% of supply, through private placement and open-market purchases. The company will change its NYSE American ticker to SDEV on April 3, 2026 after earning 26.6 million SKY tokens in staking rewards.
1. Corporate Rebranding and Ticker Update
NovaBay Pharmaceuticals has rebranded as Stablecoin Development Corporation and will adopt the SDEV ticker on the NYSE American effective April 3, 2026. The new name reflects its shift to an on-chain holding company model focused on stablecoin protocol participation and staking activities.
2. $134M Private Placement Investment
In January 2026, the company raised $134 million through a private placement with R01 Fund LP, Framework Ventures, Tether Investments and Sky Frontier Foundation. This financing included pre-funded warrants for 167.5 million common shares, following a 1-for-5 reverse stock split.
3. SKY Token Acquisition and Staking Rewards
Stablecoin Development Corporation holds approximately 2.06 billion SKY tokens, about 8.78% of total supply, of which 943.6 million were received in the private placement and 1.09 billion were purchased on the open market at an average price of $0.065. Since commencing staking, the company has earned 26.6 million SKY tokens in rewards.
4. Warrant Structure and Governance Framework
Warrants from the private placement vest over multiple tranches with a weighted-average 9.9-month exercise delay to support orderly trading. Post-issuance trading covenants cap daily sales at 10% of 30-day average volume, aligning long-term investor objectives with robust governance controls.