The Avalanche Foundation is planning to raise $1 billion to support a cryptocurrency treasury company.

On September 11th, as reported by the Financial Times, the Avalanche Foundation is in the process of planning to raise approximately $1 billion by establishing two cryptocurrency treasury companies within the United States. The foundation has carried out in-depth discussions with investors regarding the establishment of a new digital asset treasury company and the transformation of an existing Nasdaq-listed company into a treasury company. The funds to be raised will be utilized to purchase a significant amount of AVAX tokens from the Avalanche Foundation at a discounted price. The first project is being led by Hivemind Capital and aims to raise up to $500 million in a Nasdaq-listed company, with cryptocurrency investor and former White House Press Secretary Anthony Scaramucci serving as an advisor. The second project is initiated by Dragonfly Capital's SPAC and is targeting another $500 million.