Avalanche (AVAX) is suddenly the target of a planned billion-dollar buying spree from public market digital asset treasury (DAT) vehicles.
AgriFORCE said it will rebrand to “AVAX One” and accumulate roughly $700 million of AVAX. Meanwhile, Avalanche Treasury Co. (AVAT) unveiled a $675 million SPAC deal that seeds about $460 million in balance sheet assets and sets a goal to surpass $1 billion of AVAX after listing.
Both offerings will be listed on Nasdaq, with AgriFORCE already having a listing that will be used by AVAX One, and AVAT joining Nasdaq post-merger in early 2026.
These initiatives can reshape AVAX’s role in the multi-chain finance, as it did with Ethereum (ETH) and Solana (SOL).
Price impact
The initial market reaction was mixed but notable. On Sept. 22, as AgriFORCE’s plan hit headlines, AVAX slipped to $29.41 in early trading during a broad risk-off move.
However, the token reversed to close at $33.49, up about 14% on the day. The movement extended to $36.16 in the first hours of Sept. 23, its first print above $36 since Jan. 31.
AVAX’s strength contrasted with a $30 billion drawdown in the altcoin market cap the same day, suggesting the announcement supported the performance.
Meanwhile, AgriFORCE’s stock (AGRI) spiked more than 200% intraday on Sept. 22, though it corrected 35% since and traded at $3.74 as of press time.
By contrast, the Oct. 1 AVAT announcement saw a milder 2.4% gain, which followed the altcoin complex adding roughly $140 billion in market cap. In this case, it is more challenging to attribute the movement to the treasury plans.
Maturity through DATs
The AVAX-buying push mirrors the broader 2025 rise of DAT companies that first gained traction buying altcoins, such as Ethereum and Solana.
In late May, sports betting tech firm SharpLink announced it would raise approximately $425 million and convert the proceeds into ETH under an advisory tie-up with Consensys co-founder Joseph Lubin.
BTCS followed with a 1,000 ETH purchase in early June, and BitMine rolled out an ETH treasury program by early July.
As the year progressed, BitMine and SharpLink accelerated their acquisitions, with their ETH balances climbing to 2.65 million ETH and 838,730 ETH, respectively, as of Oct. 2.
Ethereum’s price experienced a much-needed rebound and outperformed throughout the summer. ETH grew nearly 50% in July alone, then set a new all-time high of $4,956.78 on Aug. 24, almost four years after its previous price peak.
Additionally, US-traded spot Ethereum exchange-traded funds (ETFs) experienced a surge in inflows.
According to Farside Investors’ data, the funds encountered difficulty in breaching the $3 billion threshold in cumulative flows, but crossed the mark two days after SharpLink’s announcement.
Ethereum ETFs then compensated for the time it took to capture massive inflows, and skyrocketed to nearly $14 billion in cumulative flows by Sept. 19, a 342% growth.
Solana is another major-cap crypto that saw significant interest in the DAT wave. Policy shifts and capital raises by SOL Strategies, DeFi Development Corp., and Upexi culminated in SOL breaching the $200 price level in July, the first time since February.
As the mentioned companies built DAT momentum and fueled SOL to a price peak of $218 by August, Forward Industries ramped up the tone.
The company closed a $1.65 billion PIPE financing on Sept. 11, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. The announcement was enough to catapult SOL above $250, its first time above this level since January.
Furthermore, as happened with Ethereum, the US-traded Solana ETF, which emulates spot exposure, also saw an increase in inflows.
The REX-Osprey Solana staking ETF (SSK) faced difficulties in attracting capital throughout August, despite a solid start. The fund captured $100 million in inflows just 12 trading days after its debut on June 2.
However, between late August and mid-September, SSK surpassed $200 million in cumulative flows for the first time on Sept. 11, amid SOL’s strong price action.
By Sept. 26, SSK added another $100 million to its cumulative inflows, with data from Farside Investors revealing the fund crossed the $300 million mark.
Together, these precedents form the playbook AVAX treasuries can now follow, pairing large public market capital infusions with direct token accumulation, then catalyzing secondary vehicles and ecosystem activity.
Going beyond “buy and hold”
AVAT is pitching a more integrated model than a simple “buy and hold.” The company stated that it secured an initial AVAX purchase at a discount to market and an 18-month priority window for Avalanche Foundation sales to US Treasury firms.
It also offered entry at approximately a 23% discount to direct token exposure (mNAV) and a mandate to deploy capital into Avalanche’s rails.
The mandate includes protocol investments that drive transactions, enterprise partnerships for real-world assets, stablecoins and payments, and validator support for institutional layer-1 launches.
CEO Bart Smith said:
“We created Avalanche Treasury Co. to offer something we believe will be more valuable than passive exposure.”
Ava Labs founder Emin Gün Sirer welcomed the effort as “reflecting the growing sophistication and momentum shaping Avalanche’s future.”
On the AgriFORCE side, Anthony Scaramucci, who will lead the advisory board, cast the pivot in broader terms:
“The tokenization of assets is the single biggest theme for the next decade of finance.”
Hivemind’s Matt Zhang added the strategic ambition of building the “Berkshire Hathaway of the on-chain financial economy,” providing Wall Street with a scalable path into institutional-grade blockchain infrastructure.
What is in store for retail?
For retail investors, the structures open two potential channels, followed by two categories of risk.
The first is secondary shares of the treasury companies themselves, where AVAT, for example, advertises access at an implied discount to its underlying token basket.
That “secondary discount” can be attractive but is not guaranteed, and can swing with sentiment, liquidity, and the cadence of new issuance.
The second channel is indirect, as DATs concentrate capital in AVAX and may amplify price discovery, improve depth across spot and derivatives venues, and accelerate the build-out of on-chain applications that create real transaction demand.
Additionally, it can boost upcoming ETF flows, as filings for spot Avalanche ETFs from Bitwise, Grayscale, and VanEck are awaiting SEC approval.
Yet the same PIPE mechanics that fund treasuries can hurt existing shareholders when resale windows open.
A recent analysis of Bitcoin treasury names that utilized PIPEs reveals a recurring pattern of shares gravitating toward discounted issuance prices as unlocks approach. In several cases, the corrections erased most of the initial rally and, at times, trading below the PIPE level.
The dynamic creates an “overhang” that can pressure both the stocks and, indirectly, the underlying token when companies are forced to manage liquidity during periods of drawdown.
If the AVAX treasuries execute, the implications extend beyond the headline price.
A billion-dollar balance sheet buyer can legitimize AVAX alongside ETH and SOL in institutional policy frameworks, broaden the universe of allocators beyond crypto-native funds, and speed the emergence of AVAX-linked structured products.
Additionally, it sets the stage for deeper liquidity, more venues for regulated exposure, and a stronger case for the asset’s role in tokenized finance.
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