AVAX One Technology, a crypto treasury firm specializing in the Avalanche ecosystem, has announced a $40 million share buyback program approved by its board of directors. The initiative aims to boost shareholder value as the company's stock has plummeted by over 70% since its rebranding and shift to crypto treasury operations.
CEO Jolie Kahn emphasized that the repurchase reflects the firm's commitment to delivering value, calling it a compelling use of capital. The program, with a one-year term, will be executed through open market purchases, with timing influenced by market conditions, regulatory requirements, and capital allocation strategies.
This move aligns with a broader trend among crypto treasury firms: ETHZilla sold $40 million worth of Ethereum to fund a $250 million buyback, while FG Nexus sold approximately 11,000 ETH for $33 million and used proceeds, plus $10 million in borrowed funds, for share repurchases.
Stock performance data reveals severe declines: AVAX One shares are down 92.26% year-to-date, ETHZilla has fallen 43.02%, and FG Nexus dropped 88.94%. The crypto winter has also impacted major cryptocurrencies, with Bitcoin and Ethereum both declining over 10% in the past 24 hours.
BTC
SAND
USDT
USDC
TRX
IPO
OZ