Avalanche Foundation Targets $1B For U.S. Treasury Firms

The Avalanche Foundation, the non-profit supporting the Layer 1 blockchain, is reportedly close to finalizing deals to launch two U.S.-based crypto treasury companies, according to the Financial Times. Sources say the foundation seeks to raise $1 billion, with one deal involving a $500 million private investment in a Nasdaq-listed company. The investment is being led by Hivemind Capital and advised by SkyBridge Capital’s Anthony Scaramucci, and is expected to close by late September.

The second deal involves a Dragonfly Capital-sponsored SPAC, also targeting $500 million, with a projected completion in October. Funds raised would be used to buy large quantities of AVAX tokens directly from the Avalanche Foundation at discounted rates.

This move mirrors a broader trend of creating corporate digital asset treasuries through reverse mergers. Meanwhile, Avalanche is being used by investment giants like BlackRock, Apollo, and Wellington to test tokenized funds. Following the news, AVAX jumped 10.17% in the last 24 hours to $29.11.

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