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

Shares in publicly traded brain-machine and artificial intelligence firm VisionSys AI (VSA) have plunged more 77% on Wednesday amid word that the firm is selling shares in a registered direct offering. 

The firm anticipates it will generate around $12 million in proceeds from the sale, though 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. 

A 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.