Pharma Company Abandons Business, Rebrands as Stablecoin Developer with $147M Token Holding

NovaBay Pharmaceuticals, a $30M pharma company, is abandoning its pharmaceutical business and rebranding as Stablecoin Development Corporation. The company is disclosing holdings of approximately 2.06 billion SKY governance tokens valued at $147M, nearly five times its equity value. The stock has gained up to 20% on the announcement. The company plans to use the SKY tokens for long-duration protocol participation, with returns tied to staking parameters and governance rather than speculative price exposure.