Avax climbed to a seven -month high after reports popped up that the Avalanche Foundation is striving to $ 1 billion in financing to launch dedicated treasury companies that held his token.
According to CryptoSlate Data, Avax rose almost 9% to reach $ 29 in the last 24 hours, the strongest price level since February.
The performance of the token surpassed the wider crypto assets of the Top-20, which increased by an average of 3% in the same period. In particular, the price increase also placed it at the Top 10 CryptoSlate’s Biggest profit list for September 11.
This wave reflects a broader momentum within the avalanche ecosystem.
Defillama data shows that decentralized exchanges on the network processed almost $ 900 million in trade volume in the past day, the highest figure since March and the sixth largest among all blockchain networks.
At the same time, tokenized Real-World assets such as BlackRock’s Buidl that were deployed on Avalanche are now higher than $ 450 million. According to RWA.XYZ data, this reflects an increase of 139% in the past month.
Avax Treasury Company
This development is because the Avalanche Foundation is said to be in advanced conversations to set up at least two digital assets Treasury Companies (DATCOS) that have focused on the Avax token.
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By one Financial times Report, the first deal includes the collection of no less than $ 500 million by a private investment in a company traded by Nasdaq. Hivemind Capital leads the effort, which has advisory support from Skybridge Capital founder Anthony Scaramucci and could close before the end of the month.
The second deal, structured via a vehicle with a special goal led by Dragonfly Capital, is intended to collect another $ 500 million and is expected to be closed in October.
The report stated that the proceeds from both efforts would be aimed at buying Avax tokens at reduced prices, effectively sawing the treasury companies and strengthening the market basis of token.
The initiative of Avalanche Foundation follows a growing trend of DATCO launches throughout the industry.
According to strategic ETH factsHave already collected Ethereum-oriented Treasury companies that were formed earlier this year more than 4.9 million ETH worth $ 21.7 billion. Likewise, Coingecko facts Shows that Solana has taken over more than 4.4 million SOL with a value of around $ 992 million.
These purchases of the Treasury have helped to stimulate token values and reinforced institutional demand for digital assets. So if Avalanche successfully completes its fundraising plans, the strategy could strengthen the interest in Avax and expand its latest price rally.