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3h ago

AgriFORCE to Become AVAX One With $550 Million Avalanche Treasury Plan

A $300 million PIPE led by Hivemind alongside an advisory shake-up signals an institutional push.

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Overview

  • The Nasdaq-listed company plans to buy and hold AVAX tokens with a target of more than $700 million in holdings.
  • The financing package comprises a $300 million PIPE pending shareholder approval plus up to $250 million in equity-linked instruments.
  • Hivemind founder Matt Zhang is nominated to chair the board, with Anthony Scaramucci slated to lead the advisory board and Coinbase Institutional’s Brett Tejpaul joining.
  • More than 50 investors are cited as participants, including ParaFi, Galaxy Digital, Digital Currency Group, Kraken, Republic Digital, Cypher Capital and others.
  • Shares jumped over 200% intraday following the announcement, AVAX traded lower on the day, and the company will continue operating its TerraHash energy infrastructure unit.