NovaBay Pharma Secures Crypto-Focused Financing, Shifts Strategy

NovaBay Pharma ( (NBY) ) has provided an announcement.

On January 16, 2026, NovaBay Pharmaceuticals entered into a Securities Purchase Agreement with a group of accredited digital-asset-focused investors, issuing pre-funded warrants for 837.7 million common shares at $0.17 per warrant for gross proceeds of roughly $134 million, paid in a mix of $25 million cash and about $109 million in SKY tokens and stablecoins. The pre-funded warrants, exercisable at $0.01 per share on a tiered schedule over 6–12 months subject to shareholder approval, give the investors significant future equity exposure while, in parallel, an Investors’ Rights Agreement grants them registration rights and board nomination rights, and consent rights over any material change in NovaBay’s digital asset strategy for two years. These transactions solidify NovaBay’s pivot toward a digital asset treasury model, leaving SKY as its initial core holding with more than 943 million SKY tokens acquired, and position the company to seek long-term participation in protocol-level economics of the Sky network, while concentrating strategic influence among a small group of crypto-native investors and increasing the company’s exposure to digital asset market, regulatory, and governance risks.

The most recent analyst rating on (NBY) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on NovaBay Pharma stock, see the NBY Stock Forecast page.

Spark’s Take on NBY Stock

According to Spark, TipRanks’ AI Analyst, NBY is a Neutral.

Score is held back primarily by weak financial performance (shrinking revenue, very large operating losses, and significant cash burn). This is partially offset by strong technical momentum and trend, while valuation remains challenging to assess due to a negative P/E and no dividend data.

To see Spark’s full report on NBY stock, click here.

More about NovaBay Pharma

NovaBay Pharmaceuticals, historically focused on wound care, completed a major realignment in early 2026 to adopt a capital allocation strategy centered on acquiring digital assets tied to open digital financial networks. The company’s initial and currently sole approved asset is SKY, the protocol token of the decentralized Sky network built around the USDS stablecoin, and NovaBay intends to build and manage a revenue-generating portfolio of such assets while maintaining custodied, institution-grade safeguards and compliance with an evolving regulatory landscape.

Average Trading Volume: 1,289,763

Technical Sentiment Signal: Buy

Current Market Cap: $1.6B

See more insights into NBY stock on TipRanks’ Stock Analysis page.