Anthony Scaramucci, former White House Communications Director and Founder of SkyBridge Capital, along with crypto investment firm Hivemind Capital, is backing a new crypto treasury company, AVAX One, that plans to buy Avalanche blockchain’s native token AVAX.
According to a report from the Wall Street Journal, AVAX One, formerly a tiny agriculture-tech firm AgriFORCE Growing Systems, announced plans to raise around $550 million from outside investors and aims to eventually hold more than $700 million in AVAX tokens.
Scaramucci will lead the company’s advisory board, helping with capital raising and marketing. Hivemind, led by ex-Citigroup executive Matt Zhang, has already invested “meaningful capital,” and Zhang is expected to chair the board. Together with other investors, they will become majority shareholders, and the company will be rebranded as AVAX One.
According to Yahoo Finance, AgriFORCE had a market capitalization of just $3.2 million. Long-term plans include acquiring fintech and insurance companies and moving them onto the network.
Scaramucci’s vision on tokenization
Scaramucci sees tokenization as the future. “I believe all assets will eventually be tokenized, and Avalanche is positioned as a go-to chain for tokenization of all types of real-world assets,” he said.
Zhang added, “For the first time ever, we have a very supportive regulatory environment for us to really try to achieve the full potential of this technology.”
The environment has been further energized by the U.S. President Donald Trump’s public support of cryptocurrencies. Earlier this month, Trump Media and Technology Group (DJT), parent of Truth Social, announced it would buy 684.4 million Cronos (CRO) tokens from Crypto.com for $105 million, paying half in cash and half in stock. Additionally, Trump Media & Technology Group also raised $2.3 billion from investors to purchase bitcoin in May.
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