AVAX One spent $110 million to purchase 9.37 million AVAX tokens, increasing its holdings to 13.8 million tokens.

Odaily Planet Daily reports that AVAX One, a publicly traded company focused on the Avalanche ecosystem and aiming to "provide investors with regulated access to the Avalanche (AVAX) ecosystem," announced that it acquired 9,377,475 AVAX tokens for $110 million between November 5th and 23rd, 2025.

The company disclosed that the weighted average price of the acquisition was $11.73 per AVAX token, bringing its total AVAX holdings to over 13.8 million tokens, worth approximately $193 million at the current token price.

AVAX One CEO Jolie Kahn stated that the company will retain approximately $35 million in cash for further token acquisitions and its own share buybacks. The company also plans to raise up to $550 million to further expand its AVAX treasury. AVAX One received approval for a $40 million share buyback program on November 20th.

This accumulation strategy represents a major transformation for the company, which previously operated as the agricultural technology business of AgriFORCE Growing Systems. Earlier this month, it completed a rebranding as AVAX One and changed its stock ticker from AGRI to AVX.

The AVAX One event comes at a time when the Avalanche network is attracting institutional interest. The network has already drawn major financial institutions such as JPMorgan, Apollo Global Management, and BlackRock for various tokenization and settlement projects.

Matt Zhang, Chairman of the Board of AVAX One and Managing Partner of Hivemind, said that the current market volatility presents a good opportunity to build AVAX and increase value for its shareholders.

In addition, the Avalanche Foundation is reportedly raising $1 billion to launch a digital asset treasury tool aimed at strengthening AVAX’s role in on-chain finance and capital markets.