Avalanche Foundation reportedly expects to raise up to $1 billion for treasury-related ventures, planning to sell millions of AVAX at a discounted price.

Avalanche Foundation, a nonprofit behind the cryptocurrency Avalanche, is reportedly raising $1 billion to launch digital asset treasury projects and accumulation projects.

Avalanche Foundation is in active discussions with investors to launch a digital asset treasury company and convert another company into a “crypto-hoarding” vehicle, the Financial Times reported on Thursday, citing sources familiar with the matter.

The nonprofit reportedly expects to raise $1 billion in funding, which would be used to purchase Avalanche 

 from the foundation at a discounted price.

Avalanche is the 21st largest cryptocurrency by market capitalization, valued at $12.2 billion as of publication, according to CoinGecko.