Novabay shares surge 21.12% intraday after rebranding to Stablecoin Development, securing $134M investment, and acquiring 2.06B SKY tokens.

Novabay Pharmaceuticals (NBY) surged 21.12% intraday following its announcement of a corporate rebranding to Stablecoin Development Corporation, effective April 3, 2026, and a strategic pivot to digital assets. The company disclosed a $134 million investment from R01 Fund, Framework Ventures, Tether Investments, and Sky Frontier Foundation, alongside acquiring 2.06 billion SKY tokens (8.78% of total supply) through a mix of private placement and open-market purchases. The name change and adoption of an on-chain holding company model, focused on staking and protocol-level economic participation in the Sky protocol ecosystem, signaled a shift toward high-growth opportunities in stablecoin infrastructure. Institutional backing from Tether, a major player in the stablecoin sector, further reinforced investor confidence in the company’s new direction, driving the sharp intraday rally.