The Avalanche Foundation aims to collect $ 1 billion to create two cryptographic cash companies holding millions of AVAX tokens, the Financial Times reported on Thursday.
The AVAX tokens would be bought at the Foundation, the non -profit group which oversees the avalanche blockchain, at a reduced price, according to the report, which quoted the familiar people with the problem.
The Foundation was in talks to raise up to $ 500 million thanks to a private investment led by Hivemind Capital in a listed company not identified in the NASDAQ, in order to conclude the agreement by the end of the month, said the FT. The former press secretary of the White House, Anthony Scaramucci, advised the agreement.
A second agreement would create an Avx cash company via an acquisition company for special purposes (SPAC).
There was a plethora of listed companies on the stock market for a cryptographic cash strategy this year, seeking to imitate the approach of Michael Saylor’s strategy (MSTR) which now contains nearly 640,000 BTC ($ 73 billion).
However, the cooling of the Haussier market of the crypto in August saw that many actions of these companies had a blow, which can have attracted enthusiasm for the model.
AVAX has increased by almost 8% in the last 24 hours, but has dropped by around 2.1% since midnight UTC, while the larger cryptography market, as measured by the Coindesk 20 index is 0.65% higher.
The Avalanche Foundation did not respond to the request for comments from Coindesk.
