VisionSys AI Stock Plummets on Plans to Buy Up to $2 Billion Worth of Solana

In brief

VisionSys AI (VSA) is creating a Solana treasury strategy with plans for up to $2 billion in SOL.
Shares in VSA dropped as much as 57% at one time on Wednesday, before rebounding slightly.
The firm aims to purchase $500 million in SOL in the next six months.

Shares in publicly traded brain-machine and artificial intelligence company VisionSys AI (VSA) are massively down amid news the firm is aiming to create a Solana treasury holding up to $2 billion worth of the popular cryptocurrency.

VSA shares were recently trading at $2.05, down 40% on the day. They fell as low as $1.26 earlier in the day. Despite the drop, VSA shares are up more than 200% year-to-date.

To execute the treasury strategy, the firm’s wholly owned subsidiary Medintel Technology Inc has entered into an exclusive partnership with Solana DeFi protocol, Marinade Finance.

“This partnership represents a once-in-a-generation opportunity to integrate digital assets into our corporate DNA,” said VisionSys AI CEO Heng Wang, in a statement. “It positions VisionSys as a pioneer of AI-driven blockchain treasury management. By leveraging Marinade’s unparalleled expertise, we are not just strengthening our treasury; we are building a foundation for the future.”

The firm’s first goal is to acquire and stake $500 million in Solana within the next six months, but ultimately hopes to create a treasury worth $2 billion. It believes the treasury will enhance liquidity, strengthen its balance sheet, and provide long-term value to VSA shareholders.

There is no mention of how it aims to raise funds to purchase Solana. A May filing with the SEC showcases consolidated cash and cash equivalents of only $15 million as of December 31, 2024.

A representative for the firm did not immediately respond to Decrypt’s request for comment.

If the firm is able to achieve its $500 million goal, VisionSys would find itself inside the top five largest publicly traded Solana treasuries—led by Forward Industries’ $1.5 billion SOL balance.

Its strategy partner, Marinade Finance, operates a Solana staking delegation platform and boasts more than 10.4 million SOL or $2.2 billion in delegated assets.

Marinade Finance’s MNDE token has jumped 13% in the last 24 hours and is now trading above a $79 million market cap.