Overview
- NovaBay, which announced the rebrand on Monday, saw shares jump in multiple reports and set its ticker to switch from NBY to SDEV on April 3.
- SDEV is now an on-chain holding company centered on the Sky protocol that governs the USDS stablecoin, holding about 2.06 billion SKY tokens or roughly 8.78% of circulating supply valued near $150 million.
- More than half of the SKY stake was bought on the open market at an average price near $0.065, with the rest tied to a $134 million January private placement funded in cash and stablecoins.
- The company has staked most of its holdings and reported 26.6 million SKY in rewards as of March 16, with payouts that change based on protocol rules and how many holders participate.
- The financing includes phased warrant exercises that average a roughly 9.9‑month delay and 10% daily trading caps, while coverage highlights stock gains but also flags concentration, liquidity, and regulatory risks.