Avalanche Foundation Pursues $1B U.S. Treasury Push With Major Backers

The Avalanche Foundation is preparing a bold expansion in the United States, with plans to establish two crypto-focused treasury firms that could collectively raise around $1 billion, according to reporting from the Financial Times.

Sources familiar with the matter say the initiative involves creating one new treasury entity while repurposing an existing company into a dedicated vehicle. Each deal is designed to attract about $500 million, with proceeds earmarked for large-scale purchases of Avalanche’s native AVAX token at discounted terms.

Investor involvement

One of the two transactions is being built around a private investment in a Nasdaq-listed firm. That raise is being led by Hivemind Capital and comes with advisory support from Anthony Scaramucci, founder of SkyBridge Capital. This deal is projected to finalize by late September.

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The second arrangement centers on a special-purpose acquisition vehicle (SPAC) sponsored by Dragonfly Capital, which is also targeting a $500 million raise. Insiders expect this agreement to close in October.

Strategic goals

By leveraging the U.S. treasury structure, Avalanche aims to give large investors a regulated path into AVAX exposure while bolstering liquidity around the token. If successful, the combined fundraising effort would mark one of the most ambitious treasury-building strategies attempted by a Layer 1 blockchain foundation in recent years.