05 — Discount
The discount that survived earnings
AVX exists to hold AVAX on shareholders’ behalf. The market prices it at roughly a quarter of the value of the tokens it holds. That puts it at the bottom of every comparable treasury company we could rank, even after it reported a full quarter.
AVX · market cap ÷ token NAV
0.25×
Each share priced at $3.11 has $12.27 of AVAX behind it, about $3.9 of tokens per $1 of stock. Counting debt as well (enterprise basis), 0.34×.
Snapshot 2026-08-13 · AVAX $6.41 · live prices load when available
NAV, net asset value, is what the company’s AVAX is worth at today’s price, divided by its shares. Below 1.00× the stock sells for less than the tokens behind it.
The card is live: AVAX streams in, the Nasdaq quote refreshes every minute the market is open, and the figures move as they arrive; the dated snapshot (2026-08-13, AVAX $6.41) is only the fallback. The head-to-head ranks it against AVAT and the full digital-asset-treasury peer set.
Q2 2026, reported 2026-08-13
The second-quarter numbers explain why the ratio barely moved once they were released.
$81.5M
H1 net loss; the accumulated deficit doubled to $175.5M in six months
$81.6M
digital assets at 6/30, marked down from $153.7M at year-end
$5.3M
realized loss booked in March, though nothing was sold: GAAP crystallized the loss when about 800K AVAX was swapped into Treehouse tAVAX (cash flow shows $0 from digital-asset sales)
$21.2M
liquidity, down from $27.6M, while the company states no capital raise is needed
Two details stand out. The release says a debt restructuring “reduc[ed] outstanding principal by approximately $6.8 million”. Per the 8-K, the mechanism was paying two lenders off in cash at 110% of principal, which accounts for part of the fall in liquidity. The reiterated guidance’s “Current Spot Price” scenario assumes AVAX at $9.00 and Bitcoin at $70,000. On the day it was published, spot was $6.41 and about $63,400. The base case is priced 29% above the market it was released into.
Since the Q2 release · the latest filings
8-K (Items 1.01, 2.03) · filed 2026-08-17
A covenant waiver that cost 10%, and a liquidity floor raised 35×
What it says
- On 14 August 2026 AVX agreed an Amendment with one of its debenture investors. In exchange for the investor waiving a negative covenant (a borrower's promise in the loan terms not to do something) in its Debentures “and a release of any related claims”, AVX raised the principal of three notes held by that investor by 10% each: $110,000 to $121,000 (note of 21 May 2025), $277,778 to $305,556 (21 Jul 2025) and $550,000 to $605,000 (25 Sep 2025). That is $88,778 of new principal for a waiver.
- The Amendment also modifies the negative covenants in that investor’s Debentures “concerning a ‘key person’ provision” and raises the amount of cash and Bitcoin AVX must hold in its bank accounts or custody from $100,000 to $3,500,000.
- The debentures trace to the January 2025 SPA (initial $7.7M principal, up to $42.3M more). Signed by Peter Wylie Jr., Interim Chief Executive Officer.
What it points at — an inference
A waiver plus a release of claims is what a lender gives after a covenant has been tripped. The 8-K does not say which covenant. The two it goes on to modify are the “key person” provision and the cash-and-Bitcoin floor, and the company’s CEO resigned effective 3 July with the COO stepping in as interim. Put together, and as an inference only, the price of the CEO change appears to have been $88,778 of extra principal and a liquidity covenant thirty-five times higher. Meanwhile the company tells shareholders no capital raise is needed.
The filing on EDGAR →Caveats
mNAV compares market capitalisation to the marked value of filed token holdings. The headline card is live. The AVAX price streams in from Coinbase’s public AVAX-USD ticker and is checked against Chainlink’s on-chain AVAX/USD read every 30 seconds (if the two disagree by more than 3%, or the stream goes quiet, the on-chain price is used); the Nasdaq quote refreshes every minute while the market is open. Both sit over the filed share count and holdings, each dated to its filing. If a feed is unavailable it falls back to the dated snapshot. Every other ratio on the page is a dated snapshot. Q2 figures are from the company’s own release and 10-Q.