AVAX One, the digital investment firm advised by SkyBridge Capital founder Anthony Scaramucci, saw its shares fall more than 32% after it listed nearly 74 million shares held by insiders as available for sale.
The company, which holds AVAX tokens and related Avalanche ecosystem assets, disclosed late Tuesday. While the filing did not specify when, or even if, the shares would be sold, filing them with the SEC clears 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 shares 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 the stake if the net asset value of its holdings falls below the company’s market value.
Buybacks have become an increasingly common tool among crypto-native public companies. AVAX One’s strategy mirrors that of other digital assets such as BitMine and KindlyMD, which have faced similar pressures as their share prices lag far behind the net asset value of their token holdings.
