AVAX ONE TECHNOLOGY LTD (AVX) Investment Analysis– First “Avalanche (AVAX) Digital Asset Treasury” Play on Nasdaq
AVAX ONE TECHNOLOGY LTD (AVX) Investment Analysis
– First “Avalanche (AVAX) Digital Asset Treasury” Play on Nasdaq
※ AVAX ONE TECHNOLOGY LTD (ticker: AVX) is the former AgriFORCE Growing Systems (AGRI), which changed its name in November 2025 and pivoted to become the first Nasdaq-listed digital asset treasury company focused on holding Avalanche (AVAX) tokens as a core strategy. The company plans to raise around USD 550 million and accumulate over USD 700 million worth of AVAX tokens, aiming to provide institutional and traditional finance investors with listed exposure to the Avalanche ecosystem. With Anthony Scaramucci and Hivemind Capital involved, this is an extremely high-risk “listed AVAX leverage play” where token price, regulation, and funding risk must be scrutinized carefully. 😅
1. Company Overview & Rebranding History
1-1. From AgriFORCE to AVAX ONE TECHNOLOGY
- Former name: AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI)
- New name: AVAX ONE TECHNOLOGY LTD
- New ticker: AVX (Nasdaq, effective from November 13, 2025)
Originally, AgriFORCE was a very small agriculture/tech company talking about indoor farming, energy, digital infrastructure (including Bitcoin mining), and similar concepts.
Between 2024 and 2025 it announced a Bitcoin treasury and modular mining infrastructure strategy, starting to drift towards crypto.
Then, in September–November 2025, the company changed its legal name to AVAX ONE TECHNOLOGY LTD and officially declared a pivot to become a digital asset treasury company that holds Avalanche’s AVAX token at scale.
In short:
A tiny agriculture/Bitcoin theme stock has been rebadged into a listed Avalanche (AVAX) token treasury company.
1-2. First Nasdaq-Listed Avalanche-Focused Company
In press releases and IR material, the company emphasizes:
- It is the “first Avalanche-focused company listed on Nasdaq”
- It aims to “provide institutional-grade exposure to the Avalanche ecosystem”
So from an investor’s point of view, the intent is:
To become a listed vehicle that gives leveraged exposure to AVAX tokens.
2. Business Model – Avalanche Digital Asset Treasury
2-1. Core Strategy: Large-Scale AVAX Token Holdings
According to the company and media reports, AVAX ONE’s mid-to-long-term strategy is roughly:
- Raise about USD 550 million
- Around USD 300M in PIPE (Private Investment in Public Equity)
- Another USD 250M via ATM programs, equity, debt, or other funding structures
- Use this capital to buy AVAX tokens directly from the Avalanche Foundation at a discount
- Not by purchasing on exchanges, but by buying a large block directly from foundation reserves
- Ultimately build an AVAX token treasury exceeding USD 700 million
- Multiple articles mention a “USD 700M+ AVAX treasury” target
- Beyond simple token holdings, the company talks about:
- Earning AVAX staking rewards
- Pursuing asset tokenization (RWA), DeFi, and acquisitions of fintech/insurance companies, later migrating them onto Avalanche
In other words, AVAX ONE positions itself as:
“A listed digital asset treasury platform that provides regulated, exchange-listed exposure to the Avalanche ecosystem for traditional investors.”
2-2. What Happens to the Old Business?
In official statements:
- The legacy AgriFORCE activities (energy, cleantech, digital infrastructure) are not described as fully abandoned; they are to be maintained as secondary businesses.
- However, nearly all IR and news flow now focuses on the Avalanche treasury strategy.
So from an investment perspective, it’s realistic to see the company not as:
A small agriculture/cleantech stock,
but rather as a listed vehicle focused on AVAX token exposure.
3. Financial Snapshot – An Extreme “Story Stock”
3-1. 2024 Results Level
From AgriFORCE’s 2024 Form 10-K:
- 2024 revenue: roughly USD 67,887
- About USD 26,572 of this came from crypto asset production (mining/yield)
- Economically, this is very close to a pre-revenue early-stage company.
So if you look only at the legacy business, this is:
A company with almost no real scale yet, trying to reset its entire story around an Avalanche treasury strategy.
3-2. Market Cap & Volatility
- When the AVAX ONE strategy and the involvement of Scaramucci/Hivemind were first announced,
the share price jumped more than 130% in a single day, pushing the market cap to around USD 7.5M at one point. - There are also reports that the stock dropped more than 95% over the last 12 months,
already showing the typical pattern of an “extreme theme/speculation stock”.
In summary:
Right now AVAX ONE/AVX is a tiny micro-cap, in the tens of millions of dollars or less,
where a single press release or news item can move the price by tens or even hundreds of percent.
4. Bullish Factors – Where Is the Potential Appeal?
4-1. Pure Avalanche Play Listed on Nasdaq
- AVAX ONE, as the name suggests, carries the title of “first Avalanche-focused company listed on Nasdaq.”
- Reports also mention that the Avalanche Foundation plans to support two digital asset treasury (DAT) companies with a total of USD 1B, and that one of these is structured as a “conversion of an existing listed company” – that slot is effectively filled by AVAX ONE.
So the Avalanche side is pushing the narrative of a “listed AVAX treasury company,”
and AVAX ONE is a central vehicle in that plan.
4-2. Involvement of Anthony Scaramucci & Hivemind Capital
- Anthony Scaramucci, founder of SkyBridge Capital and former White House communications director, is joining AVAX ONE as chair of the advisory board.
- Hivemind Capital, led by former Citi executive Matt Zhang, is acting as the lead PIPE investor.
The company uses this to highlight that both institutional and crypto-native capital are involved, turning it from a random micro-cap into:
“An Avalanche theme stock with recognizable institutional sponsors.”
4-3. Narrative of AVAX, Tokenization (RWA), and DeFi Expansion
- AVAX ONE claims it will pursue tokenization of traditional assets (RWA), acquisitions of fintech/insurance firms, and migration of these businesses onto Avalanche, in order to become more than just a token-holding vehicle.
- Avalanche itself promotes a capital-markets-friendly chain vision and is used in several tokenization PoCs by major asset managers.
If AVAX and Avalanche become a core chain for RWA tokenization and institutional DeFi,
then there is a scenario where both the value of the AVAX ONE treasury and its narrative premium expand significantly.
5. Bearish Factors – Key Risks You Can’t Ignore
5-1. Essentially a “Listed Leveraged AVAX Fund”
- AVAX ONE’s economics are heavily tied to AVAX token price and staking yields.
- Even if it buys AVAX at a discount from the foundation,
if AVAX trades poorly for a long time, shareholders are effectively holding a “leveraged AVAX position in listed-equity form.”
As seen with previous Bitcoin treasury companies, it’s entirely possible that:
- The share price trades at a discount to NAV, or
- The stock fails to keep up with the token’s price performance even during bull markets.
5-2. Unfinished Capital Raise (PIPE, ATM, etc.) & Dilution Risk
- The plan is to raise USD 300M in PIPE + USD 250M via additional funding tools,
but until those deals are actually closed, they are only a plan. Market conditions, regulation, and investor appetite may alter the amount or terms. - If large-scale funding is executed,
there is unavoidable equity dilution for existing shareholders.
5-3. Regulatory & Accounting Risk
- In the U.S. and Canada, digital asset treasury strategies come with complex securities-law, accounting, and tax issues.
- The structure of buying discounted tokens directly from the Avalanche Foundation is exactly the type of activity that could be subject to evolving regulatory scrutiny and new guidance.
5-4. Micro-Cap + Crypto + Theme = Explosive Volatility
- The company’s actual operating revenue is only tens of thousands of dollars,
yet the share price already moves like a hyper-volatile theme stock, reacting violently to a single piece of news.
This combination means:
Whether you’re long or short, leverage or “all-in” positioning is absolutely inappropriate.
6. Investment Checkpoints & What to Monitor
1) Actual Closing & Terms of Funding Deals (PIPE, ATM, etc.)
- How much of the USD 300M PIPE is truly funded and on what terms?
- Through what instruments (common equity, preferred, convertibles, bonds, etc.) is the additional USD 250M raised?
2) Actual AVAX Holdings & AVAX per Share Exposure
- In quarterly/annual reports, do they disclose:
- the number of AVAX tokens held,
- the average purchase price,
- and lock-up conditions?
- Do they offer clear metrics like “number of AVAX per common share” to make exposure intuitive?
3) Medium- to Long-Term Performance of Avalanche & AVAX
- AVAX price trend, on-chain activity, TVL, and RWA tokenization pipeline
- Execution of the Avalanche Foundation’s DAT plan (USD 1B) and how much of that is actually deployed
4) Discount/Premium of Share Price vs NAV
- Calculate (fair value of AVAX holdings + other assets – liabilities) / shares outstanding
and compare it to the real-time share price. - Watch whether AVAX ONE trades like MicroStrategy (premium at times) or more like many other crypto treasury vehicles that trade permanently at a discount to NAV.
5) Treatment of Legacy Energy/Cleantech Business
- Is it a cash drain or a genuine growth driver?
- If it fails to show synergy with the Avalanche strategy,
there is always the possibility of spin-off, sale, or write-down in the future.
7. Technical View – Pure Trading Perspective
A classic “news/event-driven micro-cap + crypto theme stock.”
- Daily Volatility:
- On announcements, interviews, Avalanche-related news, etc.,
the stock can easily move 20–100%+ in a single day.
- On announcements, interviews, Avalanche-related news, etc.,
- Bid-Ask Spread:
- When liquidity is thin, spreads can widen significantly,
making market orders and tight stops a potential source of slippage and unexpected losses.
- When liquidity is thin, spreads can widen significantly,
- Strategic Ideas:
- Assume staggered entries and staggered exits as a baseline.
- Use ATR or similar volatility metrics to define in advance how much daily/weekly loss you can tolerate.
- Limit position size to a very small fraction of your overall portfolio (e.g., under 1%).
8. Investment Insight Summary – How to Think About This Stock
- What It Really Is
- AVAX ONE / AVX is no longer meaningfully an agriculture/hydroponics company.
- In essence it is now a Nasdaq-listed digital asset treasury company focused on Avalanche (AVAX) tokens.
- Sources of Potential Upside
- Avalanche Foundation’s DAT strategy,
- The presence of Scaramucci/Hivemind and other recognizable investors,
- The uniqueness of being a “pure Avalanche play on Nasdaq”
all combine to create a scenario where, in a strong crypto bull market or intense AVAX theme phase,
the stock could potentially see outsized upside moves.
- Sources of Risk
- As of 2024, it’s a company with almost no real operating revenue,
whose future results are largely driven by AVAX price, success of capital raises, and regulatory conditions.
- As of 2024, it’s a company with almost no real operating revenue,
- Realistic Portfolio Role
- This stock is designed for investors who say:
- “I’m bullish on AVAX long-term, but I want exposure via a listed company rather than holding the token directly.”
- Therefore, in portfolio terms, a realistic framing is:
- Not a core long-term holding,
but a very high-risk, option-like satellite position at most.
9. FAQ
Q1. Does AVAX ONE TECHNOLOGY still run any agriculture or farming business?
A. The legal entity originated as AgriFORCE, so some agriculture/energy-related assets remain.
But in practice, based on IR and the news flow, the Avalanche digital asset treasury strategy is now clearly the main story.
From an investment viewpoint, it makes more sense to treat this as a crypto/Avalanche theme stock than a traditional agri stock.
Q2. How is this different from buying AVAX tokens directly?
A. Buying AVAX directly requires wallets, exchanges, and on-chain custody, and is treated differently under each jurisdiction’s regulations.
AVAX ONE is a Nasdaq-listed common stock, so:
- It can be traded in standard brokerage accounts, and
- For some institutions/funds, it provides Avalanche exposure via a listed equity, not a direct token holding.
However, you’re inserting an extra layer of risk:
- corporate,
- operational,
- funding/leverage, and
- regulatory risk.
So risk is not reduced, it is re-packaged into a different vehicle.
Q3. Is this similar to MicroStrategy (MSTR) as a BTC treasury company?
A. The structure is similar in spirit:
- MicroStrategy → Bitcoin treasury
- AVAX ONE → Avalanche (AVAX) treasury
But in terms of scale, track record, fundamentals, and reputation,
the gap between MSTR and AVX is more like “large, seasoned name vs ultra-small, high-risk speculative stock.”
Q4. For what kind of investor could AVX even be considered?
A.
- Someone who is structurally bullish on crypto (especially AVAX),
- Who understands the idea of a leveraged, listed vehicle, and
- Who is willing to allocate only a very small experimental portion of their capital
might consider analyzing AVX further.
For conservative investors focused on dividends, stable cash flows, and low volatility, AVX is very likely not appropriate.