The Avalanche Foundation, a non-profit organization that supports the Avalanche (AVAX) blockchain ecosystem, is reportedly seeking to raise $1 billion through a major fundraising campaign to create two AVAX treasuries.
The foundation’s strategy involves launching one digital asset treasury company while converting an existing firm into a treasury vehicle. The goal is to secure approximately $1 billion, with the expectation to finalize these deals within weeks.
This approach is aimed to not only support the foundation’s growth but also to enhance the liquidity and market presence of AVAX amid an increasingly competitive treasury companies landscape.
The second funding endeavor involves a special purpose acquisition vehicle (SPAC) sponsored by Dragonfly Capital, which is also targeting a $500 million raise. This deal may take longer to conclude, potentially stretching into October.
Both initiatives will focus on purchasing discounted AVAX tokens held by the Avalanche Foundation, which has a total supply of 720 million tokens, with approximately 420 million currently circulating.
Tokens associated with other blockchains, such as Ethereum (ETH) and Solana (SOL), have also seen significant price increases. These tokens were selected by major publicly traded companies in the US for their respective crypto-focused treasuries.
Featured image from DALL-E, chart from TradingView.com
