Section · AVX — Nasdaq: AVX · CIK 0001826397
AVAX One.
The shell that pivoted. A failing ag-tech company was reversed into an AVAX treasury by a Hivemind-led PIPE of about $300M. It runs its own validators and pays its chairman’s fund to manage the tokens. For its twin, see Avalanche Treasury Corp, which has a section of its own.
01 — Overview
A shell, reversed into
AVAX One came into being through a takeover. AgriForce Growing Systems, an agricultural-technology company whose former CEO sold out at pennies, was turned into an AVAX treasury in November 2025 by a Hivemind-led PIPE of about $300M. A PIPE is a private sale of new shares to a chosen group of investors. Today the company runs modular AI/HPC data centres, mines Bitcoin, and keeps an AVAX treasury that a fund controlled by its own chairman manages for fees.
The latest · each line links to the full account
- Aug 17A covenant waiver that cost $88,778, and a liquidity floor raised 35× an 8-K trades a 10% principal bump on three notes for a covenant waiver “and a release of any related claims”, modifies a ‘key person’ provision, and lifts the required cash-and-Bitcoin balance from $100,000 to $3.5M — read against the CEO’s July exit
- Aug 14Debenture amendment signed the amendment behind the Aug 17 8-K: $88,778 of new principal across the three notes of one investor, signed by Peter Wylie Jr. as Interim CEO
- Aug 13Q2 reported: 14,091,424 AVAX and a discount that barely moved “tokens and equivalents” with about 95% staked at a claimed ~5.4% yield; H1 net loss $81.5M and the accumulated deficit doubled to $175.5M — the stock stayed near a quarter of NAV
- Aug 5The debenture restructured to $7.42M the January 2025 SPA debt renegotiated; what remains is the balance the EV-basis mNAV carries
- Jul 3The CEO resigns; the COO steps up as interim Peter Wylie Jr. signs the filings that follow — the board that arrived with the PIPE is on the Insiders page
Market cap ÷ token NAV. $12.27 of AVAX behind every $3.11 share.
Snapshot 2026-08-13 · AVAX $6.41 · live prices load when available
AgriForce renamed AVAX One; every legacy director but one replaced as a condition of the PIPE
H1 2026 net loss; the accumulated deficit doubled to $175.5M in six months
AVAX in the filed Treehouse deposit that pinned its wallet on-chain
NAV, net asset value, is what the company’s AVAX is worth at today’s price, divided by its shares. A ratio below 1.00× means the stock sells for less than the tokens behind it.
AVX’s filings are rich where AVAT’s are thin: years of Section 16 history from its AgriForce life, a proxy naming its board, a related-party note that quantifies its chairman’s fees, and litigation with its own former CEO. The two companies match on one point: neither publishes an address, anywhere — and one filed figure was enough to identify AVX’s wallet anyway. The pages below take it apart.
02 — Operators →
“Runs its own”, with an asterisk
AVX stakes for itself and says so repeatedly; about 800K AVAX of it runs through third-party DeFi protocols.
03 — The Deposit →
The deposit that gave it away
One filed deposit of exactly 829,989.0 AVAX ties to a single wallet holding 97.6% of all tAVAX in existence.
04 — Insiders →
The exit, then the takeover
The former CEO sold out at pennies as the company collapsed — his lawsuit is still open — and the new board arrived with the money.
05 — Discount →
The discount that survived earnings
The mNAV arithmetic, live, the Q2 numbers, and the debenture trail kept current filing by filing.
06 — People →
The names behind the ticker
Matt Zhang's chair, Hivemind's management fees, and the disclosed conflict with invoices attached.
Comparing the two companies? Head to Head collects every chart that puts AVAX One and AVAT on one axis.