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

Shares in VisionSys AI (VSA), a firm focused on brain-machine interface technology, plummeted by over 77% on Wednesday following the announcement of a stock offering aimed at raising approximately $12 million. The stock has fallen more than 88% over the past week, trading at about $0.29 per share, the lowest price since January. In October, VisionSys had proposed creating a $2 billion treasury in Solana (SOL) tokens but has yet to report any asset purchases related to this goal. The company's stock dip follows an earlier decision to pursue $500 million worth of SOL to stake within six months. The treasury funding was expected to come from a model combining structured financing with equity, coupled with a partnership with Marinade Finance, a Solana-based DeFi protocol. The state of this partnership and its impact on the treasury remains unclear, with no SOL acquisitions announced to date. VisionSys had aimed to establish itself as a major player in the crypto treasury space, potentially surpassing industry competitors if successful.

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