SKY treasury firm SDEV crashes 91.5% in two weeks on dilution fears
- —SDEV holds about 2.32 billion SKY, roughly 10% of supply, worth $180.2 million
- —Tether bought warrants for 43.75 million shares for 35 million USDT; half became exercisable October 16
- —R01 Fund and Framework Ventures hold 87.6% of SDEV's common stock combined
- —At its peak, SDEV's market cap was 2.7 times the value of its assets
Why it matters: The SDEV collapse highlights dilution and valuation risks in crypto treasury companies, where warrant overhangs can erase retail value fast.
Source: 動區 BlockTempo