---
title: "NovaBay transforms into a stablecoin company, sending its stock price soaring 19%."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280224251.md"
description: "Biotechnology company NovaBay has transformed into Stablecoin Development Corporation, entering the digital asset space. This strategic shift led to a 19% rise in its stock price, now at approximately $1.40, although it remains down over 95% year-to-date. The company holds about 2.06 billion SKY tokens valued at $150 million and has earned 26.6 million tokens through staking. The transformation follows a $134 million private placement, attracting institutional interest in stablecoin infrastructure. The stock ticker will change from NBY to SDEV on April 3rd."
datetime: "2026-03-23T23:02:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280224251.md)
  - [en](https://longbridge.com/en/news/280224251.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280224251.md)
generator: "portal-rs"
---

# NovaBay transforms into a stablecoin company, sending its stock price soaring 19%.

Biotechnology company NovaBay announced a strategic transformation, changing its name to Stablecoin Development Corporation and entering the digital asset space. Stimulated by this news, the company's stock price rose by approximately 19%. The company plans to change its stock ticker from NBY to SDEV, expected to take effect on April 3rd. Although the stock price rose to approximately $1.40 on the day of the announcement, it is still down more than 95% year-to-date. At the heart of this transformation, NovaBay disclosed that it holds approximately 2.06 billion SKY tokens, worth approximately $150 million, representing about 8.8% of the total supply. Simultaneously, the company has earned approximately 26.6 million tokens as rewards through a staking mechanism, with returns linked to Sky ecosystem governance parameters and participation levels, rather than simply relying on price increases. This move stems from a $134 million private placement completed in January of this year, with investors including Framework Ventures, Tether Investments, and the Sky Frontier Foundation, demonstrating the growing institutional interest in stablecoin-related infrastructure.

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**