AVAX One, the digital asset treasury firm advised by SkyBridge Capital founder Anthony Scaramucci, saw its shares tumble more than 32% after it registered nearly 74 million shares held by insiders as available for sale.

The company, which holds AVAX tokens and related Avalanche ecosystem assets, made the disclosure late on Tuesday. While the filing did not specify when, or even whether, the shares would be sold, registering them with the SEC paves 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 stock 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 shares should the net asset value of its holdings fall below the company's market cap.

Buybacks have become an increasingly common tool among crypto-native public firms. AVAX One’s strategy mirrors that of other digital asset treasuries like BitMine and KindlyMD, which have faced similar pressures as their stock prices lag far behind the net asset values of their token holdings.