Avalanche Foundation aims to raise $ 1 billion to create two Crypto Treasury companies holding millions of Avax tokens, Financial Times reported on Thursday.
Avax tokens will be purchased from the foundation, the group that is not in charge of the avalanche blockchain, at a discount price, according to the report, citing people familiar with this matter.
The foundation is in conversations to raise up to $ 500 million through a private investment led by the Hivemind Capital with an anonymous company listed in NasdaQ, with the aim of completing the deal at the end of the month, FT said. Former White House press secretary Anthony Scaramucci advises the deal.
A second deal will create a Avax Treasury company through a special objective company (Spac).
There was a Plethora of companies listed in public Pivoting with a crypto treasury approach this year, seeking to emulate Michael Saylor’s approach approach (Mstr) that now holds about 640,000 btc ($ 73 billion).
However, the Crypto Bull market cooling in August saw Many of the shares of these companies hitthat may have dimmed enthusiasm for the model.
Avax advanced almost 8% in the last 24 hours, but have fell around 2.1% since midnight UTC, while the broadly crypto market as measured by CoinDesk 20 Index is 0.65% higher.
The Avalanche Foundation did not respond to CoinDesk’s request for further comment.
