AgriFORCE Growing Systems Ltd. announced on September 22 that it will change its name to AVAX One and raise about $550 million to build a publicly traded company focused on owning AVAX, the native token of the Avalanche blockchain.
The move marks the first time a Nasdaq-listed company has adopted a dedicated strategy centred on maximising holdings of a specific digital asset. The company said its capital-raising effort is aimed at acquiring more than $700 million worth of AVAX tokens, positioning it as a major participant in the Avalanche ecosystem.
Funding and Structure
The company said it has already secured commitments for roughly $300 million through a private investment in public equity, or PIPE, subject to shareholder approval. It intends to raise an additional $250 million through equity-linked instruments in the near future.
The offering was led by Hivemind Capital with participation from more than 50 institutional and crypto-focused investors, including ParaFi, Galaxy Digital, Digital Currency Group, Kraken, Cypher Capital and others.
The securities offered in the PIPE are being sold under exemptions from U.S. registration requirements. AVAX One has entered into a registration rights agreement to file a registration statement with the Securities and Exchange Commission for the resale of shares issued in the transaction.
AgriFORCE Reshapes Strategy and Leadership
Chief Executive Officer Jolie Kahn said the company’s strategy is to provide public market investors with managed exposure to Avalanche’s native token. The company’s long-term plan includes accumulating digital assets and later acquiring fintech businesses to be integrated into the Avalanche network.
Matt Zhang, founder of Hivemind Capital and nominee for chairman of the board, said the initiative is modelled on a holding-company approach, seeking to build a long-term vehicle for exposure to blockchain infrastructure.
The strategic advisory board will be led by Anthony Scaramucci, founder of SkyBridge Capital, and Brett Tejpaul, head of Coinbase Institutional. Other members are expected to be announced in the coming months.
Avalanche Network Context
Avalanche is a blockchain designed for high-speed financial transactions and asset tokenisation. Its infrastructure has been used by global financial firms, including KKR, Apollo and J.P. Morgan Chase for customised blockchain applications. The network is currently supported by more than $6.2 billion in staked assets.
Advisors to the transaction included Cohen & Company Capital Markets as financial advisor and placement agent, Lowenstein Sandler LLP as legal advisor to Hivemind Capital, and Morgan, Lewis & Bockius LLP as legal advisor to CCM.
