AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) has announced a strategic pivot, rebranding as AVAX One and launching a $550 million capital raise to build a digital asset treasury centered on Avalanche (AVAX). The company aims to accumulate more than $700 million worth of AVAX tokens, positioning itself as the first Nasdaq-listed entity focused on such a model.
The funding strategy includes a $300 million private investment in public equity (PIPE) deal, pending shareholder approval, and up to $250 million in equity-linked offerings. Hivemind Capital is leading the raise, with participation from over 50 investors, including prominent firms like ParaFi, Galaxy Digital, Kraken, DCG, and FalconX.
Key advisory roles will be held by Anthony Scaramucci, founder of SkyBridge Capital, and Brett Tejpaul, head of Coinbase Institutional. Matt Zhang, founder of Hivemind Capital and nominated chairman, emphasized that Avalanche was selected for its relentless focus on on-chain finance and world-class partnerships, turning away four other blockchain foundations. Staking, with an annual percentage yield of about 6.7%, is central to the strategy, potentially generating $46.9 million in yearly rewards from the planned position.
This move follows the Avalanche Foundation's recent announcement of a $1 billion initiative for similar treasury builds. AGRI stock surged over 200% at Monday's open, closing with a 137% gain. Avalanche, launched in 2020, has shown strong growth in DeFi and Web3 gaming, with transaction volumes rising over 66% in late August.
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