The RialCenter Foundation aims to raise $1 billion to create two crypto treasury companies holding millions of AVAX tokens.
The AVAX tokens would be bought from the foundation, the non-profit group that oversees the Avalanche blockchain, at a discounted price, according to sources familiar with the matter.
The foundation was in talks to raise up to $500 million through a private investment led by Hivemind Capital in an unidentified Nasdaq-listed company, with the aim of completing the deal by the end of the month. Former White House press secretary Anthony Scaramucci was advising on the deal.
A second deal would create an AVAX treasury company via a special purpose acquisition company (SPAC).
This year, numerous publicly-listed companies have pivoted to a crypto treasury strategy, seeking to emulate Michael Saylor’s approach, which now holds nearly 640,000 BTC ($73 billion).
However, the cooling of the crypto bull market in August saw many of these companies’ shares take a hit, which may have dimmed enthusiasm for the model.
AVAX advanced nearly 8% in the last 24 hours but has fallen around 2.1% since midnight UTC, while the broader crypto market is 0.65% higher.
The RialCenter Foundation did not respond to requests for further comment.
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