3 hours ago
The Avalanche Foundation aims to rise $1 cardinal to make 2 crypto treasury companies holding millions of AVAX tokens, the Financial Times reported connected Thursday.
The AVAX tokens would beryllium bought from the foundation, the non-profit radical that oversees the Avalanche blockchain, astatine a discounted price, according to the report, which cited radical acquainted with the matter.
The instauration was successful talks to rise up to $500 cardinal done a backstage concern led by Hivemind Capital successful an unidentified Nasdaq-listed company, with the purpose of completing the woody by the extremity of the month, the FT said. Former White House property caput Anthony Scaramucci was advising connected the deal.
A 2nd woody would make an AVAX treasury institution via a peculiar intent acquisition institution (SPAC).
There has been a plethora of publicly-listed companies pivoting to a crypto treasury strategy this year, seeking to emulate the attack of Michael Saylor's Strategy (MSTR) which present holds astir 640,000 BTC ($73 billion).
However, the cooling of the crypto bull marketplace successful August saw a batch of these companies' shares instrumentality a hit, which whitethorn person dimmed enthusiasm for the model.
AVAX precocious astir 8% successful the past 24 hours, but has fallen astir 2.1% since midnight UTC, portion the broader crypto marketplace arsenic measured by the CoinDesk 20 Index is 0.65% higher.
The Avalanche Foundation did not respond to CoinDesk's petition for further comment.
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