One vehicle, led by Hivemind Capital, would seek up to $500 million via a Nasdaq-listed company with Anthony Scaramucci advising; a second, sponsored by Dragonfly Capital, would be a $500 million SPAC. People familiar said the deals could close within weeks; Hivemind confirmed it was working on a deal, while the foundation declined to comment. Currently, AVAX has a 720 million max supply with about 420 million in circulation.
Digital-asset treasury companies—public or listed vehicles that raise capital to hold crypto on balance sheet—have proliferated this year and helped drive new demand across tokens. In parallel to Avalanche’s effort, Hong Kong’s HashKey Group this week unveiled a $500 million fund dedicated to DAT strategies, underscoring institutional interest in standardized structures for accumulating digital assets.
Market plumbing is tightening at the same time. Nasdaq has moved to increase scrutiny of companies that issue stock primarily to buy crypto, a shift that has already pressured several “crypto treasury” names and could slow timelines for some new formations. The exchange is seeking enhanced disclosures and in some cases shareholder votes for such capital raises.
If completed as described by the FT, the two US vehicles would initially acquire discounted AVAX held by the foundation, with the first deal targeted to wrap by month-end and the SPAC later.
Due to the transactions being executed off-exchange directly with the Foundation, they will not mechanically move spot order books at execution. However, the signaling of $1 billion in structured demand can still influence price indirectly via positioning and liquidity—tightening effective float if tokens are locked or staked, or capping rallies if discounted inventory is later hedged or distributed—so the net effect hinges on lockups, retention, and on-chain demand growth.
At press time, AVAX traded at $28.72.
