Avalanche to raise $1 billion to establish crypto asset reserve company

According to Odaily Planet Daily, the Avalanche Foundation is in talks with investors to establish two crypto asset reserve companies in the United States, aiming to raise a total of approximately $1 billion. The funds will be used to purchase millions of Avax tokens at a discount. The first, led by Hivemind Capital, plans to raise $500 million through a private placement of a Nasdaq-listed company, with Anthony Scaramucci serving as an advisor. The second, a SPAC initiated by Dragonfly Capital, aims to raise $500 million and is expected to close in October. Both companies will purchase Avax tokens at a discount from the Avalanche Foundation.