The effort is led by Matt Zhang, former Citi executive and founder of Hivemind Capital, who will chair the initiative. Anthony Scaramucci, founder of SkyBridge Capital, is acting as an advisor. According to people familiar with the matter cited in recent coverage, the structure is intended to mimic the discipline of a corporate balance sheet, with tokens held as long-term strategic assets rather than speculative positions.
A Post-MicroStrategy Playbook
The launch of AVAX One follows in the wake of MicroStrategy’s high-profile Bitcoin strategy, which turned the business software company into the world’s largest corporate holder of BTC. But unlike MicroStrategy’s focus on Bitcoin as a store of value, AVAX One is explicitly tied to a single ecosystem. The thesis is that seeding a large treasury of AVAX can accelerate adoption of tokenized assets and applications on the Avalanche blockchain.
By concentrating on one chain, AVAX One positions itself not as a hedge against inflation but as an ecosystem development tool. That approach carries greater potential upside if Avalanche gains market share in tokenization, but also far greater risk if the chain underperforms.
Policy and Regulatory Tailwinds
The launch comes as U.S. lawmakers consider the GENIUS Act, a proposal that would provide clarity and accounting treatment for digital assets held on corporate balance sheets. Advocates argue that such a framework could unlock broader adoption of tokens by public companies and treasuries.
In contrast, Europe’s MiCA regulation imposes tighter constraints on how firms can use unbacked tokens, limiting balance-sheet exposure and mandating risk disclosures. The divergence underscores how regulatory posture could determine whether corporate token treasuries remain a U.S.-led phenomenon.
At a recent World Economic Forum panel, several participants noted that treasuries will increasingly test the boundary between financial risk management and ecosystem sponsorship, raising questions about governance and accountability.
Market Implications
Accumulating more than $700 million worth of AVAX would represent a significant portion of the token’s free float. With Avalanche’s circulating supply near 390 million AVAX, such a program could absorb close to 2 percent of supply if executed in full.
Market participants note that the impact will depend heavily on execution. A gradual program conducted through OTC desks could limit immediate price distortions, but a visible treasury bid may invite speculative frontrunning. The more fundamental question is who sells into the treasury’s accumulation—long-term holders, short-term traders, or institutions rotating exposure.
Risks and Concerns
Analysts warn that concentrating hundreds of millions of dollars into one chain’s token introduces new forms of risk:
- Governance optics: A treasury of this scale could raise concerns about influence over Avalanche’s governance or perceived capture by financial institutions.
- Treasury drawdowns: If AVAX were to fall sharply, the balance sheet would erode quickly, challenging the model’s credibility.
- Liquidity crunches: In stressed markets, a concentrated treasury position could become difficult to hedge or unwind.
Despite these concerns, proponents argue that the model is a natural evolution of corporate involvement in digital assets. Instead of using tokens only for hedging or speculation, treasuries could become tools for anchoring ecosystems.
The Next Phase
AVAX One is expected to finalize commitments over the coming quarters, with institutional investors approached across the U.S., Asia, and the Middle East. Backers hope the program can replicate MicroStrategy’s influence—but this time by embedding token ownership directly into the infrastructure of an ecosystem.
Whether corporate token treasuries evolve into a durable strategy will depend on two factors: the resilience of the chains they back and the regulatory frameworks that determine how tokens can be held. With the GENIUS Act gaining traction in Washington and MiCA already in force in Europe, the rules may diverge across markets.
For Avalanche, the outcome is clear: if AVAX One succeeds, it could become the most visible experiment yet in corporate token treasury 2.0—an attempt to marry balance-sheet discipline with blockchain expansion.