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

VisionSys AI (VSA), a publicly traded brain-machine and artificial intelligence company, recently announced a stock offering that sent its shares plummeting by more than 77%. Following the news, VSA stock dropped to approximately $0.29, reflecting a staggering decline of over 88% in just a week. The firm had ambitious plans to create a treasury valued at $2 billion in Solana (SOL), initially targeting $500 million worth of SOL for staking. However, the company's recent announcement provided no details about how the anticipated $12 million proceeds from the stock offering would be utilized, nor have any SOL purchases been reported. This turmoil comes after the firm faced a significant stock drop earlier when it first communicated its treasury's valuation. A representative for VisionSys did not comment on the situation, including whether the treasury goal remains active or if it has changed. The decline in VSA shares culminates in broader concerns around market confidence and investment strategies in digital assets, particularly for firms venturing into crypto treasuries.

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