The Avalanche Foundation, the nonprofit organization behind Layer-1 blockchain platform Avalanche, is in advanced talks to establish two new crypto treasury companies in the United States. Avalanche Foundation Plans to Establish $1 Billion AVAX Treasury Companies in the US The foundation aims to raise around $1 billion, and deals are expected to be finalized in the coming weeks, according to the Financial Times, citing sources familiar with the matter. One of the planned initiatives involves converting a Nasdaq-listed company into a treasury vehicle, a deal that involves a planned private investment of up to $500 million. It was reported that the investment was led by Hivemind Capital and advised by SkyBridge Capital founder Anthony Scaramucci, and is expected to be completed by the end of September. The other deal will be made through a special purpose acquisition company (SPAC) backed by Dragonfly Capital, which is also aiming to raise $500 million and close in October. It was reported that with the revenue to be generated, the companies to be established will purchase millions of AVAX tokens and these tokens will be offered at a discounted price by the Avalanche Foundation. The move aligns with the recent acceleration of the institutional digital asset treasury (DAT) trend, with many large corporations acquiring publicly traded companies and transforming them into crypto treasuries. Meanwhile, the Avalanche network is currently being tested by investment giants like BlackRock, Apollo, and Wellington Asset Management for tokenization of funds. Following the news, the AVAX price rose 10.17% in the last 24 hours, reaching $29.11. *This is not investment advice. Continue Reading: Avalanche Foundation in Talks to Establish a Treasury Company in the US! Details Here
