The treasury trend in cryptocurrencies continues to expand, now reaching new assets. This Monday (22), Avalanche gained its first company listed on Nasdaq committed to acquiring AVAX, which caused the stock price to soar.

AgriFORCE Growing Systems announced that it will change its name to AVAX One and plans to raise about $550 million, focusing on buying and holding AVAX, the native token of the Avalanche blockchain.

Unlike other publicly traded companies that started getting involved with crypto without a history in the sector, AgriFORCE is a Bitcoin miner that prioritizes the use of clean energy in its operations.

It is still not defined whether the company will continue mining Bitcoin. Decrypt reached out to AgriFORCE but did not receive an immediate response.

“The architecture of financial markets is changing, and programmable blockchains like Avalanche are becoming the new foundation,” said Jolie Kahn, CEO of AgriFORCE. “For the first time, we are offering public market investors a professional vehicle to invest directly in this transformation.”

Kahn added: “Our mission is to increase our exposure to this essential technology, AVAX, through action, delivering direct value to shareholders as this new economy develops.”

After the announcement, AgriFORCE's shares soared over 200% at the beginning of trading in the U.S., reaching $6.64 — a 175% rise on the day — before retreating to $5.64.

Meanwhile, the AVAX token fell about 4% to $31.60, mirroring the overall decline in the cryptocurrency market, but still records an appreciation of approximately 10% for the week.

Target of $700 million in Avalanche

AgriFORCE's stated goal is to own over $700 million in AVAX tokens. Its fundraising strategy includes a PIPE (private investment in public equity, subject to shareholder approval) of $300 million, in addition to plans to raise another $250 million through equity-linked instruments.

HiveMind Capital led the fundraising, with participation from more than 50 additional companies, including ParaFi, Galaxy Digital, Digital Currency Group, and Kraken. HiveMind's founder, Matt Zhang, was appointed chairman of the board of AgriFORCE, according to a press release.

Anthony Scaramucci, founder of SkyBridge Capital, and Brett Tejpaul, institutional head of Coinbase, also joined the company's new strategic advisory board.

“Our vision is to build the ‘Berkshire Hathaway of the on-chain financial economy,’ which is the execution of a multi-year thesis that Wall Street needs a smarter and more scalable way to have exposure to institutional-grade blockchain infrastructure,” Zhang said in a statement.

“Our active short-term strategy will focus on the disciplined accumulation of assets and, in the long term, on the acquisition and integration of cash-generating fintech companies within the Avalanche network,” he added. “This creates a powerful growth cycle and a sustainable NAV premium that sets us apart from all other digital asset treasury companies and ETFs.”

Michael Saylor's Strategy, a pioneer in cryptocurrency treasury strategy by starting to buy Bitcoin in 2020, now holds approximately $72 billion in BTC. This has inspired a growing wave of followers, some of whom have expanded into assets like Ethereum, XRP, Solana, and BNB — and now also Avalanche.