Beyond Inc. Surges 8% as Shay Capital Pushes Blockchain Monetization

Beyond Inc. (NYSE:BYON) surged 8% following a public push by investor group Shay Capital for the company to unlock the value of its blockchain assets. The move came after Shay Capital released a detailed letter to the board outlining a monetization strategy for Beyond’s stakes in tZero and GrainChain, both part of the Medici Ventures portfolio. The investor cited over $400 million in shareholder investments in these ventures, emphasizing that their current balance sheet valuation fails to reflect their true potential [1].

Shay Capital’s July 23 letter criticized the lack of progress in monetizing the Medici portfolio and urged immediate action. Proposals included creating a GrainChain Special Purpose Vehicle (SPV) to distribute shares to shareholders and issuing a Contingent Value Right (CVR) tied to the broader Medici portfolio. These steps, the investor argued, would provide transparency and direct financial benefits to shareholders while leveraging existing regulatory approvals. Shay Capital also highlighted the potential for a tZero IPO or SPAC merger, suggesting such a move could raise capital to fund Beyond’s growth without diluting existing investors [2].

The market reacted swiftly to the letter, with Beyond’s stock rising to a seven-month high. Analysts noted the proposals align with broader trends in blockchain asset management, though the feasibility of rapid execution remains uncertain. Shay Capital’s demands for a 10-business-day response from the board underscored the urgency, as shareholders grow impatient with delays in realizing returns on their investments. While management has signaled preliminary engagement with the tZero board, no concrete timeline for monetization has been announced [3].

The push for monetization follows recent interest in blockchain asset strategies across the industry. Companies such as DMG Blockchain Solutions have explored digital asset treasuries to generate value, while Edge One Capital has advocated similar approaches for struggling media firms like BuzzFeed. However, Beyond’s case is unique due to its direct ownership stakes in high-profile blockchain projects. Shay Capital’s focus on tracker stocks and SPVs mirrors strategies used in other sectors to unlock value from illiquid assets, though the success of such measures depends on market conditions and regulatory clarity [2].

Despite the optimism, risks remain. The letter acknowledged that Pelion Ventures controls the broader Medici portfolio, though Beyond retains direct ownership of tZero and GrainChain. This distinction is critical, as it grants the board autonomy to act on these stakes without external approval. However, executing the proposed SPV and CVR structures would require regulatory filings and shareholder approvals, processes that could take months. Meanwhile, critics argue that the market’s enthusiasm for blockchain assets is volatile, and over-optimism could lead to mispriced valuations if the underlying projects fail to meet expectations [2].

Shay Capital’s letter has intensified pressure on Beyond’s leadership to balance growth in its core retail operations with the monetization of its blockchain holdings. The investor praised the company’s turnaround in Bed Bath & Beyond and Overstock but stressed that shareholder returns must extend beyond operational improvements. With the board now under a tight deadline to respond, the next steps will likely determine whether Beyond’s blockchain assets become a catalyst for growth or a source of continued frustration for investors [2].

Sources:

[1] [Beyond Inc. gains as investor calls for monetizing blockchain assets](https://www.msn.com/en-us/money/companies/beyond-inc-gains-as-investor-calls-for-monetizing-blockchain-assets/ar-AA1J9Ofo?ocid=finance-verthp-feeds)

[2] [Shay Capital Letter to the Board of Beyond Inc.](https://www.prnewswire.com/news-releases/shay-capital-letter-to-the-board-of-beyond-inc-302512213.html)

[3] [Shay Capital raises concern over lack of progress in Beyond Inc's Medici Ventures monetization](https://www.marketscreener.com/news/shay-capital-raises-concern-over-lack-of-progress-in-beyond-inc-s-medici-ventures-monetization-ce7c5cd2de8af52c)