Avalanche to raise $1 billion to establish crypto asset reserve company

The Avalanche Foundation is in talks with investors to establish two US-based crypto asset reserve companies, aiming to raise a total of approximately $1 billion. The funds will be used to purchase millions of Avax tokens at a discount. The first, led by Hivemind Capital, plans to raise $500 million through a private placement of a Nasdaq-listed company, with Anthony Scaramucci serving as an advisor. The second, a SPAC led by Dragonfly Capital, aims to raise $500 million and is expected to close in October. Both companies will purchase Avax tokens at a discount from the Avalanche Foundation.