Agriforce (AGRI), a company specialized in agricultural technology that lies at Nasdaq, announced its plans to form a strategic reserve of Avalanche (AVAX).
The company detailed on September 22 that The objective is to accumulate more than 550 million dollars in Avaxin addition to changing his name from Agriforce to Avax One.
In this way, it will become the first company that is quoted in Nasdaq to create an Avalanche treasury.
As reportedthe financing strategy includes a private investment in public capital (Pipe) for 300 million dollars, pending the approval of shareholders.
In addition, the firm plans to obtain another 250 million dollars, through new investment rounds or financial instruments, such as bond, shares or shares. So, The firm will have capital available to finance Avax’s purchases without relying on your operational income.
In the long term, its strategy includes the acquisition and integration of Fintech businesses that can generate income directly in the Avalanche network, thus strengthening its ecosystem and increasing the usefulness of accumulated assets.
After the announcement, The quotation of the agri stock action went from 2.37 to $ 7.28which represents a 207%rise, as observed in the following graphic provided by TrainingView:
Anthony Scaramucci, founder of Skybridge Capital, will be one of the directors of the company’s strategic advisory council. In this regard, he said: “Avalanche has clearly become the institutional platform for this change, and Skybridge has already committed to Tokenizar on the Network. Avax One will be the essential access route for the participation of public investors.”
The AVAX price also reacted to the news and its price accumulates a weekly increase of 15%:
Institutional support could boost the price of AVAX in the short term. In addition to the creation of a strategic reserve, Bitwise, a digital asset management firm, He submitted to the Bag and Securities Commission (SEC) a request to list a quoted background (ETF) of Avaxwhich would facilitate the entry of new investors and increase the visibility of the asset.
This presentation is not the first. As Cryptonoticias reported on August 22, Grayscale Investments presented to the SEC its intention to transform its Avax background into an ETF to cash that would be negotiated in Nasdaq.