The Avalanche Foundation, the non-profit organization behind the Avalanche blockchain, is in “advanced talks” to set up two cryptocurrency treasury companies in the United States, according to the Financial Times.
The report, citing people familiar with the matter, said the plan includes creating one new treasury company and converting an existing firm into a treasury vehicle. The foundation aims to raise $1 billion and could finalize the deals within weeks.
One deal involves up to $500 million in private investment in a Nasdaq-listed company. That effort is being led by Hivemind Capital, with guidance from SkyBridge Capital founder Anthony Scaramucci, and could close by the end of September.
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The second deal is linked to a special purpose acquisition vehicle (SPAC) backed by Dragonfly Capital, also targeting $500 million, with completion expected in October.
Funds from both ventures will be used to buy large amounts of Avalanche’s native token, AVAX, which the foundation plans to sell at a discounted price, the report said.
Earlier this week, shareholders of Nasdaq-listed Asset Entities (ASST) approved the company’s planned merger with Vivek Ramaswamy’s Strive Enterprises. The deal will transform Asset Entities into a bitcoin-focused digital asset trust (DAT).
In August, crypto asset manager Grayscale Investments submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) seeking to launch a spot Avalanche (AVAX) exchange-traded fund (ETF). The proposal would convert Grayscale’s existing Avalanche Trust into a publicly traded ETF, giving investors direct exposure to AVAX through traditional brokerage accounts.
The filing comes after Nasdaq applied in March 2025 to list the fund. If approved, it will be renamed the Grayscale AVAX Trust ETF. Under the plan, Coinbase Custody will hold the AVAX tokens, while BNY Mellon will manage fund administration and serve as transfer agent.
