TLDR
- AgriFORCE rebrands to AVAX One, pivoting from agriculture to Avalanche cryptocurrency treasury
- Plans $550M fundraise to accumulate over $700M in AVAX tokens
- Anthony Scaramucci joins advisory board, Hivemind Capital leads investment
- Stock jumped 200% on announcement with 50+ institutional backers
- Becomes first Nasdaq-listed company focused solely on AVAX accumulation
AgriFORCE Growing Systems shares exploded over 200% Monday after announcing a complete business transformation into an Avalanche token treasury company. The agricultural technology firm will rebrand as AVAX One and pursue a $550 million capital raise focused exclusively on accumulating AVAX cryptocurrency.
The company targets accumulating more than $700 million worth of AVAX tokens, positioning itself as the first publicly-traded entity dedicated to Avalanche blockchain investments. AVAX serves as the native cryptocurrency for the Avalanche network, which currently secures $6.2 billion in staked digital assets.
Anthony Scaramucci, founder of SkyBridge Capital and prominent crypto advocate, will head the strategic advisory board. Matt Zhang from Hivemind Capital takes the chairman role, describing the venture as building the “Berkshire Hathaway of the onchain financial economy.”
Major Institutional Backing Fuels Growth Strategy
The fundraising effort includes a $300 million private investment deal pending shareholder approval, plus an additional $250 million through equity-linked offerings. Hivemind Capital leads the raise with participation from over 50 institutional investors.
Major backers include Galaxy Digital, Kraken, ParaFi, Big Brain Holdings, and FalconX. Other participants span Republic Digital, Borderless Capital, GSR Ventures, and HashKey Capital, demonstrating broad institutional appetite for Avalanche exposure.
Zhang emphasized Avalanche’s selection came after rejecting four other blockchain foundations. The team chose Avalanche specifically for its focus on institutional finance partnerships and robust staking infrastructure.
Current AVAX staking yields approximately 6.7% annually. Based on this rate, the planned $700 million position could generate roughly $46.9 million in yearly staking rewards, creating immediate revenue streams from day one operations.
Avalanche Blockchain Gains Institutional Momentum
The timing aligns with growing institutional interest in Avalanche. The blockchain recently surpassed 1 million daily transactions, driven largely by Web3 gaming applications like MapleStory Universe.
VanEck filed for an Avalanche ETF in March, while Grayscale seeks to convert its existing Avalanche Trust into an exchange-traded fund. Swedish asset manager Vitune already offers AVAX exposure to Finnish investors through crypto exchange-traded products.
The US Department of Commerce announced plans to publish GDP data on multiple blockchains, including Avalanche, boosting institutional credibility. Transaction volume surged 66% in late August, with the network processing over 11.9 million transactions weekly.
Brett Tejpaul, head of Coinbase Institutional, joins Scaramucci on the advisory board. Scaramucci calls tokenization “the single biggest theme for the next decade of finance,” positioning AVAX One as a public market gateway to this transformation.
AVAX currently trades around $31.76, representing a 24% gain over two weeks despite remaining well below its $144.96 all-time high from November 2021. The company’s stock opened at $7.30 Monday after Friday’s $2.41 close, finishing at $5.73 for a 137% daily gain.
AVAX One will maintain AgriFORCE’s existing energy infrastructure operations through its TerraHash Digital division while pursuing the Avalanche treasury strategy.
