Scaramucci’s Crypto Venture to Invest $550M in AVAX Purchase

AgriFORCE Growing Systems Ltd., a previously agriculture- and energy-focused tech company, announced a major pivot. It will pursue a $550 million capital raise to become the first publicly traded Avalanche-focused company on the Nasdaq.

The Anthony Scaramucci-backed company also announced today that it will be renamed AVAX One. With advice from leading institutions, Nasdaq investors are well-positioned to engage with programmable blockchains.

$550M AVAX Treasury Strategy Unveiled

AgriFORCE, an agtech company, has officially changed its name to AVAX One and plans to manage its AVAX holdings to maximize returns. The company plans to raise $550 million through a funding round led by Hivemind Capital. Over 50 investors, including ParaFi, Galaxy Digital, Digital Currency Group, and Kraken, will support the initiative. 

The funding will enable the firm to acquire over $700 million in AVAX coins, capitalizing on Avalanche’s $6.2 billion in staked assets. Major firms, such as KKR, Apollo, and J.P. Morgan, are interested in utilizing these tokens to manage real-world assets.

AVAX is the native cryptocurrency of the Avalanche blockchain, a decentralized platform that enables the creation of custom, private, or public blockchains. It is used to pay transaction fees and secure the network through staking. AVAX is also the fundamental unit of account across multiple layer-1 blockchains built on the Avalanche network.

Reacting to the development, Jolie Kahn, the company’s CEO, said:

“For the first time, our company provides public market investors with a professionally-managed vehicle to invest directly in this transformation. Our mission is to maximize our ownership of this foundational technology, AVAX, on a per-share basis, delivering direct value to our shareholders as this new economy grows.”

AVAX One Boasts Strong Backing

The new publicly traded company, AVAX One, boasts notable advisors from Coinbase and SkyBridge Capital, and its team includes former professionals from Citi, Mastercard, and BlackRock. Scaramucci, the founder of SkyBridge and a strong supporter of AVAX, describes this venture as a key entry point for public investors, which aligns with SkyBridge’s own efforts with Avalanche.

Scaramucci’s support comes after the Avalanche Foundation raised $1 billion through U.S. Treasuries with help from Hivemind. The fast speed of this network makes it ideal for tokenized finance. This offers a different approach compared to Bitcoin-focused models used by Saylor’s Strategy.

Meanwhile, AVAX One will keep AgriFORCE’s decentralized computing division, which includes a mining agreement in Alberta that produces 250 Ph/s. However, the venture may likely face risks from changing regulations, fluctuations in token prices, and execution problems.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now