What to know : Shares of AVAX One, a digital asset treasury firm advised by Anthony Scaramucci, fell more than 30% after the company filed to register up to nearly 74 million shares held by insiders as available for sale. The registration, which enables early investors to resell previously restricted stock, stoked fears of dilution. AVAX One's move reflects broader pressures on crypto-native public firms whose stocks trade at steep discounts to the value of their token holdings, though it remains unclear if or when the registered shares will be sold.
AVAX One, the digital asset treasury firm advised by SkyBridge Capital founder Anthony Scaramucci, saw its shares tumble more than 32% after it registered nearly 74 million shares held by insiders as available for sale.
The company, which holds AVAX tokens and related Avalanche ecosystem assets, made the disclosure late on Tuesday. While the filing did not specify when, or even whether, the shares would be sold, registering them with the SEC paves the way for resale on the public market.
The steep market reaction highlights investor concerns about dilution. By registering shares for resale, companies often signal that a block of previously restricted stock may soon hit the open market. That can push prices down, especially in illiquid or thinly traded stocks.
AVAX One had recently announced a plan to buy back up to $40 million of its own shares — a move aimed at boosting shares should the net asset value of its holdings fall below the company's market cap.
Buybacks have become an increasingly common tool among crypto-native public firms. AVAX One’s strategy mirrors that of other digital asset treasuries like BitMine and KindlyMD, which have faced similar pressures as their stock prices lag far behind the net asset values of their token holdings.
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