May 26: The company confirmed it had used its cash reserve to finance the bond repurchase. The transaction had reduced the fund to $871 million.

The buyback reduced that reserve to roughly six months of STRC dividend coverage. The company had previously said the plan was to maintain about 24 months of dividend coverage.

STRC traded at $99.33, bitcoin hovered around $77,000.

June 1: Strategy sold 32 BTC, its first bitcoin sale since 2022. The move appeared intended to demonstrate that the company was willing and able to sell the token if necessary to fund dividend obligations.

The sale accounted for just 0.0038% of the company’s holdings. Nevertheless, the company’s common stock (MSTR) dropped 5.9% and bitcoin fell to as low as $70,500 before closing at $71,286. STRC closed at $98.07.

June 5: Bitcoin fell below $60,000 for the first time since October 2024, closing around $61,000, according to CoinDesk data. STRC dropped to as low as $90 to end the day at $93.40.

June 8: Strategy shareholders approve the plan to pay STRC dividends twice a month. Strategy bought 1,550 BTC and said the balance of its dollar reserve had risen to $1 billion.

June 15: Strategy bought another 1,587 BTC and said the balance of its dollar reserve was now $1.1 billion.

Pudgy Penguins is taking another step to move its NFT brand into mainstream retail with a new nationwide rollout at Target stores in the United States. The project says its Vibes Series 3 trading card set will be released through Target, expanding the reach of the trading card game beyond its earlier distribution.

According to a press release shared with Cointelegraph, Vibes Series 3 represents the biggest retail expansion Pudgy Penguins has made for the card line so far and brings the total number of circulated cards to 15 million. The set is also positioned as a more feature-rich edition, adding new gameplay mechanics alongside original artwork, plus appearances from characters associated with the Moonbirds collection.

Key takeaways

• Pudgy Penguins is expanding its Vibes trading card game into U.S. retail via a nationwide Target rollout.
• Vibes Series 3 is described as the project’s largest retail push to date and lifts total circulated cards to 15 million.
• The new card set includes additional gameplay mechanics and original artwork tied to Moonbirds characters.
• Pudgy Penguins continues to market its NFT IP as a broader entertainment franchise through toys, licensing, and blockchain gaming.

A trading card push with retail-first distribution

The move to Target is important because trading cards—unlike on-chain collectibles—rely heavily on physical availability, in-store discovery, and shelf presence. By tying Vibes Series 3 to a major U.S. retailer, Pudgy Penguins is effectively widening the funnel from NFT holders and crypto-native audiences toward casual consumers who may never interact with the underlying Ethereum-based collection.

The project developed Vibes in partnership with Orange Cap Games, and Series 3 is the next step after two prior releases. Pudgy Penguins previously framed Vibes as an avenue to extend its intellectual property beyond digital ownership, and the retail rollout underscores that strategy by prioritizing distribution and physical engagement.

With Vibes Series 3, the project also emphasizes creative integration: the set features original artwork and includes appearances from Moonbirds characters. That kind of cross-collection presence is a way to tap into existing fan communities while giving the franchise a reason to be collected and discussed in the broader collectible market.

From Ethereum collectibles to consumer goods

Pudgy Penguins has spent several years translating its Ethereum NFT brand into consumer products and entertainment experiences. The trading cards arrive after earlier expansion into toys and retail distribution.

In 2023, Pudgy Penguins’ physical toys entered more than 2,000 Walmart stores, and in May 2024 CEO Luca Netz said that more than 1 million toys had been sold during the preceding 12 months, according to a statement shared with Cointelegraph (see PR Newswire).

There is also an incentive layer tied to NFT ownership. The project’s licensing model allows NFT holders to receive 5% of net revenue from physical products featuring their individual penguins. That approach is designed to maintain a connection between on-chain holders and off-chain merchandise—while still building a consumer-friendly storefront.

In other words, Pudgy Penguins is trying to sustain two value paths at once: mainstream retail can expand awareness and adoption of the brand, while its licensing structure aims to keep NFT communities financially and emotionally engaged.

Gaming and entertainment extensions—plus shifting priorities

Retail is only one front in Pudgy Penguins’ efforts to build an entertainment franchise. The project has also pushed into blockchain gaming, describing games as a way to bring its characters to wider audiences.

In 2025, Pudgy Penguins launched the skill-based game Pengu Clash on The Open Network, and at the time Netz pointed to gaming as a vehicle for reaching broader audiences (as covered in a press release shared with Cointelegraph via PR Newswire).

Later, the project released a mobile title called Pudgy Party in August 2025. Pudgy Penguins said at launch that downloads exceeded 1 million. However, the company later said on Monday that it would halt further development of Pudgy Party and redirect resources to a browser-based game called Pudgy World, according to earlier coverage from Cointelegraph (Pudgy Penguins winds down Pudgy Party mobile game).

This pattern—launching one experience while eventually reallocating effort to another—suggests the brand is treating games as iterative experiments. The Target rollout for Vibes Series 3 can be viewed through the same lens: test, measure consumer response, and focus distribution where engagement is strongest.

Why this matters for NFT-linked brands

For NFT projects, the critical question has often been whether their IP can live credibly outside crypto rails. Pudgy Penguins’ strategy—physical products, retail partnerships, and entertainment formats layered around its characters—reflects a broader industry push toward “utility” that doesn’t depend solely on token markets.

The Target expansion is likely to be watched closely because it signals a shift from niche trading circles to mass retail visibility. If the cards perform well, it strengthens the case that NFT-derived IP can function like a conventional entertainment brand, complete with recurring releases, collector mechanics, and cross-brand artwork.

Still, the durability of that model depends on more than shelf placement. Investors and users will likely focus on whether Pudgy Penguins can maintain repeat consumer interest across series, expand its retail presence sustainably, and keep enough momentum in its games and merchandise to avoid the stop-start churn that can affect entertainment launches.

Readers should watch next for how Vibes Series 3 performs in-store and whether Pudgy Penguins’ retail push influences other collectible releases tied to its franchise—especially given the project’s history of shifting resources between gaming products as it searches for the most durable audience fit.

TLDR:

• Strategy holds 847,000 BTC worth ~$54B, exceeding debt by approximately $48 billion today.
• The firm raised over $60B post-2022 crisis and added more than 716,000 BTC to reserves.
• Bitcoin trades at $63,703, a level analysts call a critical decision point for the market.
• Critics flag leverage risks in STRC preferred stock while supporters cite Saylor’s track record.

---

Strategy Inc. has completed one of the most dramatic reversals in corporate financial history. The firm, formerly known as MicroStrategy, held 130,000 BTC worth roughly $2.6 billion in October 2022.

Its stock traded at $24 on a split-adjusted basis, and Bitcoin was near $20,000. Weeks later, debt outpaced the company’s combined Bitcoin and cash reserves by $300 million. At press time, Strategy’s reserves exceed its debt by approximately $48 billion.

From the Edge of Insolvency to a $54 Billion Bitcoin Treasury

The months following October 2022 were the company’s most precarious. Bitcoin fell below $16,000 by year-end, and Strategy’s stock dropped into the $13 range.

The situation was bleak by any measure, yet the company did not liquidate its Bitcoin holdings. Instead, it stayed focused and continued executing its core accumulation strategy.

That commitment proved decisive. Strategy raised over $60 billion in additional capital in the years that followed. Every dollar went into Bitcoin, adding more than 716,000 BTC to the company’s treasury. The firm now holds approximately 847,000 BTC, valued at roughly $54 billion at current market prices.

Michael Saylor, co-founder and executive chairman, reflected on the journey in a recent post on X. He wrote that when he delivered a key speech in October 2022, few could have predicted the turnaround that followed. He credited those who believed in the long-term thesis and endured the drawdown.

Bitcoin trades at $63,703 according to Coingecko data, representing a 1.91% gain in the past 24 hours. Strategy’s BTC and cash reserves now far exceed the company’s debt obligations, marking a total swing of roughly $48.3 billion from the low point in 2022.

Bitcoin’s Technical Level and What Comes Next for the Market

As Strategy’s balance sheet draws attention, Bitcoin itself sits at a critical price zone. Analyst Mister Crypto flagged the $63,000 range as a decisive area in a recent X post.

He noted that this level served as resistance in 2021, acted as a launchpad in 2024, and now functions as support in the current market cycle.

According to the analyst, the outcome from this zone determines the next major move. A hold above $63,000 would suggest range formation and a possible bottom. A breakdown below it could trigger further capitulation before any sustained recovery begins.

This technical context matters for Strategy directly. The company’s entire financial structure depends on Bitcoin’s price trajectory.

Critics have raised concerns about its high-leverage preferred stock, STRC, which trades at $88. They also point to a recent, small BTC sale the company executed to cover dividend payments.

Supporters counter that Saylor has navigated extreme pressure before and emerged stronger each time. The 2022 crisis was a clear test of that thesis.

With reserves now exceeding debt by $48 billion, the data currently favors those who held the long view on Strategy’s Bitcoin strategy.

Non-fungible token (NFT) project Pudgy Penguins has expanded the retail reach of its trading card game through a nationwide rollout at Target stores in the United States. 

According to a press release sent to Cointelegraph, the launch of Vibes Series 3 marks the game’s biggest retail expansion to date and brings the total number of circulated cards to 15 million. The new set includes additional gameplay mechanics, original artwork and appearances from characters in the Moonbirds collection. 

The rollout shows how Pudgy Penguins is extending its NFT-born intellectual property into mainstream consumer products as it aims to build a broader entertainment franchise beyond digital assets. 

Pudgy Penguins developed Vibes in partnership with Orange Cap Games, with Series 3 following two earlier releases. The digital collectible project is the fourth-largest NFT collection by market capitalization, according to data tracker NFT Price Floor. 

Top five NFT collections by market capitalization. Source: NFT Price Floor

Pudgy Penguins builds beyond NFTs

The project has also expanded into toys, gaming, licensing and other consumer products.

Pudgy Penguins has spent years turning its Ethereum-based NFT collection into a broader consumer brand. Its physical toys entered more than 2,000 Walmart stores in 2023, and CEO Luca Netz said in May 2024 that more than 1 million toys had been sold over the preceding 12 months.

The project’s licensing model also allows NFT holders to receive 5% of net revenue from physical products featuring their individual penguins.

Related: Binance to end NFT support on exchange, shift service to wallet

The franchise has pursued a similar expansion through gaming. In 2025, Pudgy Penguins launched the skill-based Pengu Clash game on The Open Network. At the time, Netz described gaming as a vehicle for bringing the project’s intellectual property to wider audiences.

It also launched a mobile game called Pudgy Party in August 2025. According to Pudgy Penguins, the game’s downloads exceeded 1 million. However, the project said on Monday that it would halt further development of the game and focus its resources on a browser-based game called Pudgy World. 

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Strategy co-founder Michael Saylor has defended the company’s Bitcoin-backed capital strategy after its STRC preferred stock fell well below its $100 par value and triggered fresh criticism from market participants.

According to a June 20 X post by Saylor, Strategy’s Bitcoin and cash reserves currently exceed its outstanding debt by approximately $48 billion. He noted that the company has raised more than $60 billion in additional capital since 2022 and used those funds to acquire Bitcoin.

When I gave this speech in October 2022, Bitcoin traded near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was ~$24 split-adjusted. Weeks later, after Bitcoin fell below $16,000, our debt exceeded the combined value of our BTC and cash reserves by ~$300… pic.twitter.com/nWl9YlN11s

— Michael Saylor (@saylor) June 20, 2026

Advertisement

To illustrate the contrast with today, Saylor pointed to Strategy’s position during the 2022 crypto bear market. At the time, the company held around 130,000 Bitcoin worth roughly $2.6 billion while Bitcoin traded near $20,000.

After the cryptocurrency fell below $16,000, Strategy’s debt temporarily exceeded the combined value of its Bitcoin and cash reserves by about $300 million. During the same period, MSTR stock declined from around $24 to the $13 range on a split-adjusted basis.

“We stayed focused, strengthened the company, and executed our strategy. Since then, Strategy has raised over $60 billion of additional capital and invested it in Bitcoin, adding more than 716,000 BTC,” said Saylor.

The comments arrived as investors debated the implications of STRC’s recent decline and questioned whether the company’s financing model remains sustainable.

Bitcoin critic Peter Schiff escalated those concerns by suggesting that investors could pursue legal action against Strategy and Saylor. Schiff also argued that Saylor may have violated SEC marketing rules through the way he promoted the preferred stock offering.

Some investors see Bitcoin sales as the simplest solution

Recent pressure on STRC has also prompted alternative proposals from market observers.

As previously reported by crypto.news, Arca Chief Investment Officer Jeff Dorman suggested the company may eventually need to sell between $3 billion and $4 billion worth of Bitcoin to ease pressure on its capital structure and support STRC holders.

While Dorman assigned a 25% probability to that outcome, he said his base-case scenario, with a 70% probability, involves Strategy continuing to sell small amounts of MSTR stock. Under that scenario, Bitcoin holdings would remain largely intact, though common shareholders could face additional downside.

Supporters reject comparisons to Terra

While criticism has intensified, several Bitcoin advocates have publicly defended Saylor and Strategy.

Fox and Sky News contributor David Gokhshtein argued on X that Bitcoin’s current market value cannot be attributed to a single individual. He criticized efforts to blame Saylor for broader market movements and dismissed comparisons between Strategy and the collapsed Terra ecosystem.

Those comparisons gained traction after crypto analyst Ali Martinez suggested similarities between STRC and Terra’s LUNA token structure. Responding to the debate, Bitcoin advocate Samson Mow described STRC as a “brilliant instrument” and stated that he sees no structural flaw in the security unless investors believe Bitcoin will fail to appreciate over the long term.

$STRC is a brilliant instrument. It’s effectively what I tried to do with Bitcoin Bonds: strip out the volatility from Bitcoin and share the upside with investors. There is a massive market for a product like this somewhere in the ballpark of $200 trillion.

There’s nothing…

Advertisement

— Samson Mow (@Excellion) June 19, 2026

Separate concerns have also emerged around liquidity. Market maker QCP previously estimated that Strategy’s available resources could cover preferred dividend obligations for roughly seven and a half months.

QCP added that if existing financing channels become less attractive, alternative funding options may eventually be required, with Bitcoin sales remaining one possible path.

TLDR:

• Venus Core Pool now accepts TSLAB, NVDAB, and SPCXB as collateral for borrowing assets.
• Users keep stock price exposure while unlocking liquidity without selling their holdings.
• Binance, PancakeSwap, and Trust Wallet support the tokenization and transfer pathway.
• Rollout follows conservative risk parameters set through Venus governance procedures.

---

Venus Protocol has launched tokenized stocks as collateral for the first time, introducing bStocks to its Core Pool on BNB Chain.

The integration lets users borrow against tokenized stock positions without selling their holdings. This marks the first tokenized stock collateral market available on the platform.

bStocks Enter Venus Core Pool

Venus Core Pool now supports TSLAB, NVDAB, and SPCXB as eligible collateral assets. These bStocks represent tokenized versions of Tesla, Nvidia, and SpaceX-linked stock exposure.

Users supplying bStocks retain price exposure to the underlying equities. At the same time, they unlock borrowing power within the protocol.

Borrowers can access supported assets in Venus Core Pool using bStocks as backing. This includes stablecoins like USDT, USDC, and U.

Other listed tokens on the platform are also available for borrowing. The structure allows holders to keep their stock exposure while accessing liquidity.

Venus Core Pool remains the largest decentralized lending market on BNB Chain. bStocks now sit alongside BTC, ETH, BNB, and major stablecoins in the pool.

This places tokenized equities within the same liquidity infrastructure backing billions in active lending. Venus describes the addition as part of its core financial stack rather than a separate offering.

The bStocks launch follows earlier tokenized commodity listings on Venus, including XAUm. Those markets showed demand for real-world asset exposure within decentralized finance.

Venus is now extending that approach from commodities into equities. This broadens the categories of tokenized assets usable as on-chain collateral.

Ecosystem Collaboration Powers the Rollout

The launch involved coordination across multiple platforms within the BNB Chain ecosystem. Binance supplies the tokenization infrastructure behind bStocks.

Users can convert existing Direct Stock holdings into bStocks without fees. Alternatively, bStocks can be purchased directly through Binance Spot.

PancakeSwap and Trust Wallet provide secondary market access for bStocks once tokenized. Holders can move tokens into self-custody wallets through these platforms.

From there, bStocks can be supplied directly to Venus Core Pool. This completes the path from tokenization to active collateral use in DeFi.

Venus Protocol’s Head of BD, Leon, said tokenized assets are turning into a genuine bridge between traditional finance and on-chain systems.

He described the development as a working product rather than a concept, adding that allowing users to borrow against tokenized stock positions without selling expands the meaning of collateral on BNB Chain.

The initial rollout includes a limited set of bStocks under conservative risk parameters. These parameters were set through Venus governance processes.

Any future expansion to additional tokenized stocks will require governance approval. Collateral markets operate continuously, allowing borrowers to access credit at any time.

Capital remains at risk throughout participation in these markets. Tokenized stock values depend on third-party issuers and available liquidity.

Borrowing positions may face automatic liquidation if collateral values decline. Users should review all disclosures before participating in these markets.

Ethereum is staring at a looming funding gap for its core development work, according to a warning from former Ethereum Foundation contributor Trenton Van Epps. In a blog post published Thursday, Van Epps argued that reductions in Ethereum Foundation spending and the April expiration of the Client Incentive Program leave the broader “core development ecosystem” needing roughly $30 million per year to sustain itself.

Van Epps characterized the situation as a potential “slow-burning funding crisis,” while pointing to ongoing organizational churn at the Ethereum Foundation that has accelerated departures among leadership and staff. The concern is already colliding with a separate policy debate: Ethereum co-founder Vitalik Buterin has said the foundation’s remaining resources are limited and that it has been prioritizing “longevity over breadth” with less ETH selling.

Key takeaways

• Van Epps estimates Ethereum’s core development funding need at about $30 million annually, citing spending cuts and the April end of the Client Incentive Program.
• He warned of a potential “slow-burning funding crisis” within the next three to nine months unless new funding sources emerge.
• Buterin has said the Ethereum Foundation holds only about 0.16% of Ether’s total supply, limiting its ability to cover a wide range of ecosystem costs.
• Recent treasury actions—including unstaking and selling ETH—suggest the foundation has been adjusting how it finances development needs.

Why Van Epps says Ethereum could run into a funding cliff

Van Epps’ central claim is that the Ethereum Foundation’s recent financial and program changes have removed support that previously helped keep core development functioning. He linked the risk directly to two developments: the Ethereum Foundation’s spending reduction and the expiration of the Client Incentive Program in April.

Based on conversations with core development contributors, Van Epps said the network’s core development ecosystem requires approximately $30 million in annual funding. He further warned that without additional funding streams, Ethereum may be headed toward a “slow-burning” shortfall—an issue that may not trigger an immediate shutdown, but could gradually worsen delivery timelines, contributor incentives, and the capacity of maintainers across critical client and infrastructure components.

Van Epps wrote that the crisis timeframe could land within three to nine months, making the next few quarters a crucial window for funding stability.

Leadership departures intensify the pressure on continuity

Van Epps’ funding concerns come as the Ethereum Foundation itself undergoes significant personnel changes. Earlier coverage from Cointelegraph noted a wave of departures from the organization, including the announcement from co-executive director Hsiao-Wei Wang that she would step down from her role.

According to that reporting, the estimated number of layoffs and departures at the Ethereum Foundation reached 19 so far this year. While staffing changes do not automatically translate into funding shortages, they can compound uncertainty for a system already dependent on predictable support for long-term engineering work.

Cointelegraph also reported it was unable to independently verify Van Epps’ estimated $30 million annual requirement and contacted the Ethereum Foundation for comment.

Buterin’s “longevity over breadth” and the limits of foundation resources

The funding debate is not occurring in a vacuum. On May 24, Ethereum co-founder Vitalik Buterin posted on X that the Ethereum Foundation’s available resources are limited—saying it holds only about 0.16% of Ether’s total supply. He contrasted that with foundations linked to other networks, which can hold a much larger share of their ecosystem’s supply.

Buterin said the Ethereum Foundation was originally designed for a narrower mission: developing Ethereum’s core software and helping the network move through major roadmap milestones, many of which he said were largely completed by 2022. With that in mind, he argued that the foundation now faces trade-offs about where to deploy remaining resources.

“And so today, the EF is choosing to use its remaining resources to pursue longevity over breadth (yes, this means we sell less ETH),” Buterin wrote.

That framing matters because it implies the foundation may increasingly prioritize sustained maintenance and long-horizon stability rather than broad, multi-program ecosystem support—an approach that can leave gaps if other funding sources do not fill the remainder.

Treasury adjustments: unstaking, sales, and a policy recalibration

The foundation’s funding position has been reflected in recent treasury activity. Cointelegraph reported that the Ethereum Foundation unstaked 17,000 ETH in late April, and then another 21,270 ETH in early May, at the time reported as worth $50 million. The foundation had nearly surpassed 70,000 ETH staked earlier in the year, according to the same reporting.

Cointelegraph also noted the foundation sold 10,000 ETH in an OTC deal on May 1 to Bitmine, described as the largest corporate ETH holder. Arkham, a blockchain analytics platform, suggested the unstaking may have been driven by the need for funds to continue developing the network.

These transactions represent another step in what Cointelegraph described as ongoing adjustments to the Ethereum Foundation’s treasury strategy. In a June 2025 policy update, the foundation said increasing its staking participation would help fund protocol development while limiting future ETH sales, following earlier community backlash over disposals.

Taken together, the funding warning from Van Epps and the foundation’s described treasury choices point to a structural tension: if the organization is trying to sell less ETH while also reducing operational spending and losing certain incentive programs, the ecosystem’s remaining funding capacity becomes harder to sustain—particularly during a period when maintenance needs continue regardless of roadmap milestones.

What to watch as the funding timeline tightens

For investors, builders, and client maintainers, the immediate question is whether Ethereum can secure stable, predictable support for core development within the next three to nine months—especially after the Client Incentive Program ended and as the foundation reshapes how it finances development through treasury policy. The next developments to monitor are any new funding commitments and how Ethereum’s core contributors adapt if annual support still fails to match the roughly $30 million level Van Epps described.

TLDR:

• Hsiao-Wei Wang resigns as Ethereum Foundation co-executive director, effective Thursday this week.
• Both co-executive director roles are now vacant after Tomasz Stańczak’s earlier departure.
• At least eight senior Ethereum Foundation members have exited the organization in five months.
• Board member Bastian Aue takes on interim executive director duties amid governance scrutiny.

---

Hsiao-Wei Wang has stepped down as co-executive director and board member of the Ethereum Foundation, effective Thursday, becoming the latest senior figure to exit the nonprofit.

Her departure leaves both co-executive director seats vacant and places renewed focus on the organization’s leadership pipeline during a period of intense scrutiny.

Another Senior Exit Rattles the Foundation

Wang’s resignation follows closely behind that of fellow co-executive director Tomasz Stańczak, who stepped back after helping manage a leadership transition at the Switzerland-based organization.

With Stańczak already gone, Wang’s exit means the foundation has lost both individuals who had jointly held its top executive role.

Board member Bastian Aue has stepped into a larger leadership position as a result. Aue had already begun overseeing parts of the transition during Wang’s recent sabbatical, positioning him to take on interim executive director responsibilities now that both co-executive directors have departed.

Wang’s exit is not an isolated event. At least eight senior members have left the Ethereum Foundation within the past five months, a pattern that has drawn growing attention from developers and community members tracking the organization’s direction.

The repeated departures have fueled scrutiny over governance practices, spending decisions, and long-term strategic planning at the foundation.

This comes as Ethereum contends with intensifying competition from rival blockchain networks vying for developers, capital, and active users.

Wang and Buterin Address the Transition

Wang explained that her decision followed a sabbatical period that allowed her to reassess her priorities within the organization.

She took on the co-executive director position last year alongside Stańczak, describing the stretch as a demanding one for the foundation.

In her resignation statement, Wang said she had reached a clear conclusion after stepping away. “I’ve come to feel that this is the right moment for me to step back,” she wrote, signaling a personal rather than contentious departure.

Ethereum co-founder Vitalik Buterin responded by recognizing Wang’s decade-long contributions to the ecosystem.

He specifically highlighted her role in organizing the network’s research efforts and shaping its consensus-building processes over the years.

Buterin also credited Wang with helping build an active developer community in Taipei, an effort that expanded Ethereum’s reach beyond its more established hubs.

Wang closed her statement by describing Ethereum as resting on more than any single contributor. The network “has always been bigger than any one role, any one organization, or any one moment,” she wrote.

The foundation must now fill two co-executive director vacancies while managing continued community attention. Aue’s interim leadership will likely remain under close watch as the organization works toward longer-term stability.