Shay Capital Letter to the Board of Beyond Inc.

NEW YORK, July 23, 2025 /PRNewswire/ -- 

Marcus Lemonis, Chief Executive Officer
Board of Directors
Beyond, Inc.
6300 South Main Street
Midvale, UT 84047

Dear Mr. Lemonis and Members of the Board,

As significant shareholders of Beyond, Inc. ($BYON), we commend the remarkable turnaround you have achieved in revitalizing the core operations of Bed Bath & Beyond and Overstock. Your leadership has restored iconic brands and positioned the company for sustainable growth, earning the confidence of investors. However, we are deeply concerned by the lack of progress in monetizing the Medici Ventures portfolio, particularly the direct stakes in tZero and GrainChain. The time has come to unlock the substantial value embedded in these blockchain assets to deliver meaningful returns to loyal shareholders.

Over the past decade, Beyond shareholders have invested over $400 million in these ventures, yet the carrying value of these assets on the company's balance sheet significantly undervalues their true potential.

Following productive conversations and feedback from us and other investors, we welcome the urgency with which management is now acting. Your letter to the tZero board signaling a start to a monetization strategy is encouraging to see. We believe immediate and decisive action is required to capitalize on these opportunities.

Although Pelion Ventures controls the broader Medici portfolio, Beyond retains direct ownership in tZero and GrainChain. This grants the Board full authority to act on these stakes without delay. There are no barriers to unlocking this value, and shareholders expect prompt execution.

To that end, we continue to advocate for the following actionable steps for immediate implementation:

Create a GrainChain Special Purpose Vehicle (SPV): Transfer Beyond's direct ownership stake in GrainChain into an SPV. Issue shares of this SPV as a dividend to all Beyond shareholders, to be listed on the NYSE as a tracker stock under ticker "BYONS" reflecting GrainChain's growth. This structure will provide transparency into GrainChain's value, enable shareholders to directly benefit from its success, and potentially justify an upward revaluation of Beyond's remaining GrainChain holdings through Medici on the balance sheet.   

Issue a Contingent Value Right (CVR): Distribute a CVR to all Beyond shareholders, 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," will provide immediate value to shareholders and establish a clear mechanism for realizing returns on their long- standing investments.

We urge the Board to set record dates for these distributions in the near term, signaling a commitment to swift action.

Additionally, we believe a successful tZero IPO or SPAC merger could provide significant capital to fuel Beyond's growth strategy, enabling further acquisitions of valuable businesses and intellectual property without dilutive financing. We believe tZero is far ahead of the other blockchain companies going public at $1 billion+ valuations, and it's important you do this go-public transaction correctly to maximize shareholder value.

The extraordinary progress in Beyond's core operations is undeniable, and we remain supportive of your vision. However, the prolonged delay in monetizing the Medici portfolio is unacceptable. Shareholders have patiently awaited returns on their substantial investments, and further inaction is indefensible.

We intend to hold the Board of Beyond, the management of Pelion Ventures, and the board of tZero accountable for delivering results. We expect a detailed response outlining your plans to address these proposals within 10 business days. We look forward to constructive engagement to ensure these actions are implemented in the best interests of all shareholders.

Sincerely,

Eric Ebert
Shay Capital
280 Park Ave, NY, NY 10017

SOURCE Shay Capital LLC