AgriFORCE Stock Soars After Avalanche Pivot
Shares of AgriFORCE Growing Systems (AGRI) surged over 200% at Monday’s open after announcing a major strategic shift into digital assets. The company will rebrand as AVAX One and raise $550 million to build a treasury focused on Avalanche’s native token, AVAX.
According to its press release, the company aims to accumulate $700 million in AVAX tokens, positioning itself as a long-term player in on-chain finance.
$550M Funding Plan and Key Backers
The funding plan includes a $300 million private investment in public equity (PIPE) deal and an additional $250 million through equity-linked instruments.
Leading the raise is Hivemind Capital, with participation from over 50 investors, including ParaFi, Galaxy Digital, Kraken, Big Brain Holdings, and FalconX.
High-Profile Advisory Board
The company’s new advisory board will feature Anthony Scaramucci, founder of SkyBridge Capital, and Brett Tejpaul, head of Coinbase Institutional.
Matt Zhang, founder of Hivemind Capital and nominated chairman, emphasized Avalanche’s focus on on-chain finance and its staking yield model:
“Staking is what makes us a real, operating business from day one, not just a passive treasury,” Zhang said.
Avalanche Ecosystem Showing Strength
Avalanche has been gaining momentum in Web3 gaming, surpassing 1 million daily transactions twice in June thanks to MapleStory Universe activity.
Institutional interest has also grown with new AVAX exchange-traded products from Vitune, a pending ETF filing from VanEck, and Grayscale’s effort to convert its Avalanche Trust into an ETF.
Market Reaction
AGRI stock jumped from $2.41 on Friday to $7.30 at Monday’s open before closing at $5.73, a 137% daily gain. AVAX traded near $31.76, putting the planned $700 million treasury at roughly 22 million tokens, generating an estimated $46.9 million annual staking yield at current APY rates.
