Jolie Kahn has stepped down as CEO of Nasdaq-listed AVAX One Technology, effective July 3, with COO Pete Wylie Jr. appointed interim CEO while the board searches for a permanent successor. The leadership change comes at a fragile moment for the company’s Avalanche-focused treasury strategy, which holds nearly 13.8 million AVAX tokens worth roughly $95 million — about 3% of the token’s circulating supply.
Under a separation agreement signed July 5, Kahn will receive a $160,000 lump-sum cash payment, reimbursement for certain medical insurance costs, and unregistered common shares valued at $250,000. Wylie, now holding both CEO and COO titles, will earn $40,000 per month as interim chief, and the board has hired ZRG Partners to conduct the executive search.
AVAX One originally rebranded from AgriFORCE last year with plans to raise $550 million and accumulate over $700 million in AVAX, backed by SkyBridge Capital founder Anthony Scaramucci. However, the strategy faces mounting headwinds as Avalanche trades near its historical lows — around $6.90, only about 30% above its September 2020 debut price. The broader crypto treasury model has also lost momentum, with rival Avalanche Treasury Co. plunging over 71% since its June IPO.
The company, which completed a 12-to-1 reverse stock split in June, is targeting 6% staking yields from locked AVAX while aiming to avoid forced liquidation. With investor confidence waning and capital markets growing skeptical of token-specific treasury wrappers, the next permanent CEO must convince the public that owning AVAX through the company offers a durable premium over buying the token directly — a task made harder by the current leadership vacuum.
