The Avalanche Foundation aims to raise $1 billion to create two crypto treasury companies holding millions of AVAX tokens, the Financial Times reported on Thursday. The AVAX tokens would be bought from the foundation, the non-profit group that oversees the Avalanche blockchain, at a discounted price, according to the report, which cited people familiar with the matter.
The foundation was in talks to raise up to $500 million through a private investment led by Hivemind Capital in an unidentified Nasdaq-listed company, with the aim of completing the deal by the end of the month, the FT said. Former White House press secretary Anthony Scaramucci was advising on the deal.
A second deal would create an AVAX treasury company via a special purpose acquisition company (SPAC). There has been a plethora of publicly-listed companies pivoting to a crypto treasury strategy this year, seeking to emulate the approach of Michael Saylor’s Strategy (MSTR) which now holds nearly 640,000 BTC ($73 billion).
However, the cooling of the crypto bull market in August saw a lot of these companies’ shares take a hit, which may have dimmed enthusiasm for the model. AVAX advanced nearly 8% in the last 24 hours, but has fallen around 2.1% since midnight UTC, while the broader crypto market as measured by the CoinDesk 20 Index is 0.65% higher.
Stablecoin giant Tether has dramatically escalated its enforcement activity after blacklisting 370 blockchain addresses and freezing approximately $514.64 million worth…
Crypto exchange giant Coinbase experienced a major service outage that disrupted trading, transfers, and exchange operations after…
Cross-chain messaging protocol LayerZero has publicly apologized for its handling of the massive Kelp DAO exploitthat drained approximately $292…
Executives from PayPal and Google Cloud said the future of “agentic commerce” — where AI agents autonomously buy goods,…
Crypto exchange giant Kraken is making a major move deeper into the U.S. financial system after its…
A major national security scandal has erupted in Taiwan after prosecutors indicted a Taiwanese news…