Overview

• AVAX One plans to raise approximately $550 million to accumulate AVAX tokens, positioning itself as the first Nasdaq-listed company dedicated to an Avalanche treasury strategy.
• The financing package comprises a $300 million PIPE, pending shareholder approval, plus up to $250 million in equity-linked instruments with participation from ParaFi, Galaxy Digital, DCG, Kraken, Cypher Capital and others.
• The company targets ownership of more than $700 million worth of AVAX as part of its stated strategy to offer public-market exposure to the network.
• Hivemind founder Matt Zhang is the board chair nominee, Anthony Scaramucci will lead the advisory board, and Coinbase Institutional’s Brett Tejpaul joins as an advisor.
• AGRI shares jumped more than 200% intraday following the announcement, while the firm said it will continue operating its TerraHash Digital energy business alongside the Avalanche-focused strategy.