AVAX One.

The company’s own related-party note states that it paid $1.0 million in H1 2026 to “Hivemind Capital Partners, LLC… our Avalanche Protocol asset manager, which is a company controlled by Matt Zhang, the current chairman of the board.” The fee is 1.25% of the account per year, billed quarterly in advance plus expenses, on a ten-year contract with five-year renewals. Because “in advance” bills on the account before it falls, the run-rate of about $2M a year is roughly double what 1.25% of today’s marked-down treasury would suggest. Hivemind also owns about 0.8M shares and led the PIPE, a private placement of new shares in the public company, of about $300M that installed him. The filings disclose the conflict, and the fees are now being paid. (Q2 10-Q: fee terms p.10, “Asset Management Agreement”; the Zhang connection p.20, Note 14.)

Every legacy AgriForce director but one resigned as a condition of the Hivemind PIPE. The three directors the proxy calls independent were all appointed the same week. Each has circumstantial overlap with the sponsor’s orbit (Citi, Algorand-Napster, KKR and then Dragonfly/ParaFi), but no direct Hivemind tie could be proven either way.

AVAT is run by a Susquehanna crypto veteran (“Wall Street’s Crypto King,” per CNBC in 2018) with an Ava Labs, Dragonfly, Aave and Blockworks advisory board. AVX is a Citi structured-products financier’s reverse merger into a failed ag-tech shell, fronted publicly by Scaramucci. His role appears nowhere in the proxy.