Avalanche Foundation Plans $1B AVAX Treasury Firms in US

The Avalanche Foundation is planning to raise approximately $1 billion to establish two cryptocurrency treasury companies in the United States, aiming to purchase millions of its native AVAX tokens at a discounted price. One treasury vehicle, led by Hivemind Capital and advised by Anthony Scaramucci of SkyBridge Capital, seeks to raise $500 million through a private placement of a Nasdaq-listed company, with a deal expected to close by the end of September. The second deal involves a $500 million special purpose acquisition company (SPAC) sponsored by Dragonfly Capital, anticipated to close by October. These efforts reflect a strategic move by Avalanche to formalize and strengthen its asset management within a regulated U.S. jurisdiction amid a broader trend of corporate digital asset treasuries. The foundation's plan has contributed to an 8-10% price increase in AVAX, driven by growing institutional interest and increasing blockchain activity. This initiative also aligns with growing institutional adoption, as firms like BlackRock, Apollo, and Wellington Asset Management experiment with tokenized funds on the Avalanche blockchain.