Shay Capital calls on Beyond to create a GrainChain SPV

Shay Capital calls on Beyond to create a GrainChain SPV

Shay Capital, a significant shareholder in Beyond, Inc. ($BYON), has called on the company to create a Special Purpose Vehicle (SPV) for GrainChain, a blockchain venture within the Medici Ventures portfolio. The move aims to unlock the substantial value embedded in these blockchain assets and deliver meaningful returns to loyal shareholders.

In a letter to the Board of Beyond, Inc. dated July 23, 2025, Shay Capital expressed deep concern over the lack of progress in monetizing the Medici Ventures portfolio, particularly tZero and GrainChain. Despite shareholders investing over $400 million in these ventures, the carrying value on the balance sheet significantly undervalues their true potential [1].

Shay Capital has advocated for the creation of a GrainChain SPV, which would involve transferring Beyond's direct ownership stake in GrainChain into the SPV. This SPV would issue shares as a dividend to all Beyond shareholders, listed on the NYSE under the ticker "BYONS." This structure would provide transparency into GrainChain's value and enable shareholders to directly benefit from its success.

Additionally, Shay Capital has proposed the issuance of a Contingent Value Right (CVR), tied to the monetization of the Medici Ventures portfolio (excluding tZero and GrainChain). This CVR, to be traded on the NYSE under the ticker "BYONR," would provide immediate value to shareholders and establish a clear mechanism for realizing returns on their long-standing investments.

The letter also urged the Board to set record dates for these distributions in the near term, signaling a commitment to swift action. Moreover, Shay Capital believes a successful tZero IPO or SPAC merger could provide significant capital to fuel Beyond's growth strategy, enabling further acquisitions without dilutive financing.

Shay Capital remains supportive of Beyond's vision but emphasizes the need for immediate and decisive action to monetize the Medici portfolio. The letter concluded by urging the Board to deliver a detailed response outlining their plans to address these proposals within 10 business days.

References:

[1] https://www.prnewswire.com/news-releases/shay-capital-letter-to-the-board-of-beyond-inc-302512213.html