Would-Be $2 Billion Solana Treasury Company's Stock Crashes After Share Offering

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there is no mention of how its proceeds will be used. VSA—recently priced at $0.29 per share—had already fallen on Tuesday, bringing its five-day dive to more than 88% as of this writing. Wednesday’s low of about $0.24 per share is the lowest price seen for VSA since January, per Yahoo Finance.In October, VisionSys shares dropped around 40% after the firm announced its intentions to create a Solana treasury valued at up to $2 billion, with the company first focused on nabbing $500 million worth of SOL to stake in the first six months.It’s not immediately clear if VisionSys AI is still pursuing that goal, as the firm has not reported any SOL purchases to date. A representative for the firm did not immediately respond to Decrypt’s request for comment.VisionSys’ Solana treasury was planned to be funded via a “diversified model that combines structured financing with equity,” a representative told Decrypt in October. To build out its digital asset treasury, the firm also announced a partnership with Solana DeFi protocol Marinade Finance which operates a staking delegation platform with more than $2 billion in assets under management. Bitwise Solana ETF Sees Steady Demand as Bitcoin, Ethereum Funds Shed AssetsA representative for Marinade Finance did not immediately respond to Decrypt’s request for comment about the state of its relationship with VisionSys. If VisionSys were able to build a $2 billion Solana treasury, it would make the firm the largest publicly traded holder of Solana—outpacing Forward Industries, which manages a treasury of more than 6.8 million SOL valued at more than $1 billion at the time of writing. The firm’s most recent SEC filing indicates that Shaoyun Han, its Chairman of the board, had resigned from the company for personal reasons.Solana has dropped more than 6% in the last 24 hours and is now changing hands at $153. The sixth-largest crypto asset by market cap is now nearly 48% off its January all-time high of $293.31. Predictors on Myriad—a product of Decrypt’s parent company, Dastan—give the asset just a 10% chance of making a new all-time high before the end of the year.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,758.00 -2.00 (-0.03%)Dow Futures47,541.00 -6.00 (-0.01%)Nasdaq Futures25,069.50 -25.25 (-0.10%)Russell 2000 Futures2,391.90 +1.90 (+0.08%)VIX20.00 +2.49 (+14.22%)Gold4,183.40 -11.10 (-0.26%)PortfolioSign in to access your portfolioSign inTop gainersCLBT Cellebrite DI Ltd. 19.28 +3.31 (+20.73%)ONDS Ondas Holdings Inc. 6.56 +1.05 (+19.06%)FLY Firefly Aerospace Inc. 21.42 +3.11 (+16.99%)SEE Sealed Air Corporation 42.50 +6.12 (+16.82%)TTEK Tetra Tech, Inc. 37.41 +4.96 (+15.29%)Top losersBTDR Bitdeer Technologies Group 11.11 -2.83 (-20.30%)FRMI Fermi Inc. 17.50 -4.26 (-19.58%)BE Bloom Energy Corporation 103.55 -23.17 (-18.28%)FLNC Fluence Energy, Inc. 16.25 -2.96 (-15.41%)VIA Via Transportation, Inc. 43.14 -7.36 (-14.57%)Most activeONDS Ondas Holdings Inc. 6.56 +1.05 (+19.06%)OPEN Opendoor Technologies Inc. 8.56 -0.81 (-8.64%)NVDA NVIDIA Corporation 186.86 -6.94 (-3.58%)SOFI SoFi Technologies, Inc. 28.39 -3.82 (-11.86%)PLUG Plug Power Inc. 2.4900 -0.2400 (-8.79%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 96,928.97 -6,626.42 (-6.40%)TSLA Tesla, Inc. 401.99 -28.61 (-6.64%)ETH-USD Ethereum USD 3,166.58 -370.40 (-10.47%)MSTR Strategy Inc 208.54 -16.07 (-7.15%)COIN Coinbase Global, Inc. 283.14 -20.86 (-6.86%)Top economic events