Avalanche Foundation Plans $1 Billion Raise for Crypto Treasury Companies

The Avalanche Foundation plans to raise $1 billion to establish two crypto treasury companies that will hold millions of AVAX tokens. Key details include:

Tokens will be purchased from the foundation at a discounted price.
A private investment led by Hivemind Capital aims to raise up to $500 million, with completion expected by month-end.
A second deal will involve creating an AVAX treasury company through a special purpose acquisition company (SPAC).
Publicly-listed companies are increasingly adopting crypto treasury strategies, following the model of Michael Saylor's company, which holds nearly 640,000 BTC.
The recent cooling of the crypto market has negatively impacted stock prices of these companies.
In the last 24 hours, AVAX rose nearly 8%, but has dropped about 2.1% since midnight UTC.
The broader crypto market is up by 0.65% as per the CoinDesk 20 Index.

The Avalanche Foundation has not provided further comments on this initiative.