Avalanche (Avax) is the target of a planned billion dollar purchase from the Department of Digital Assets Treasury (DAT) vehicles in the public market.
Agriforce said it will rebrand “Avax One” and accumulate around $700 million in Avax. Meanwhile, Avalanche Treasury Co. (Avat) has announced a $675 million SPAC deal with a target of seeding around $460 million in balance sheet assets and surpassing $1 billion in Avax after the list.
Both products will be listed on Nasdaq, with Agriforce already having a list used by Avax One, and Avat will be participating in the early 2026 after Nasdaq merged.
These initiatives can restructure the role of Avax in multi-chain finance, similar to Ethereum (Eth) and Solana (SoL).
Price impact
The early market reactions were mixed, but were noteworthy. On September 22nd, Avax dropped to $29.41 in early trading during a wide range of risk-off moves as Agriforce plans became headlines.
However, the tokens reversed to close at $33.49, increasing by about 14% that day. The movement was extended to $36.16 in the first few hours of September 23, with its first printing exceeding $36 since January 31.
Avax’s strengths contrast to Altcoin’s $30 billion drawdown on the same day, suggesting that the announcement supported the performance.
Meanwhile, Agriforce shares (Agri) surged during the day by more than 200% on September 22, but that fixed 35% and traded at $3.74 as of press time.
In contrast, the Oct. 1 Abbat’s announcement saw a milder 2.4% profit, adding a market capitalization of around $140 billion following the Altcoin complex. In this case, it is more difficult to attribute the movement to financial planning.
Maturity based on data
Avax Buing Push reflects the broad rise of 2025 for DAT companies that first purchased Altcoins such as Ethereum and Solana.
In late May, sportsbet tech company Sharplink announced that it would raise approximately $425 million and convert revenues into ETH, based on an advised partnership with Consensys co-founder Joseph Lubin.
BTC made 1,000 ETH purchases in early June, and by early July Bitmine had launched its ETH financial program.
As the year progressed, Bitmine and Sharplink accelerated their acquisitions, with their ETH balance rising to 2.65 million ETH and 838,730 ETH as of October 2nd.
Ethereum prices have experienced much needed rebound and outperform over the summer. ETH grew nearly 50% in July alone, then set a new all-time high of $4,956.78 on August 24, almost four years after its previous price peak.
Additionally, US traded Spot Ethereum Exchange Trade Funds (ETFs) have experienced a surge in inflows.
The funds have become difficult to violate the $3 billion threshold for cumulative flows, but it surpassed the mark two days after Sharplink’s announcement, according to data from Farside Investors.
Ethereum ETF then compensated for the time it took to acquire a massive influx, and by September 19 it had surged to nearly $14 billion cumulative flows with a 342% growth.
Solana is another major cap code that has attracted great interest in DAT waves. Policy changes and capital by Sol Strategies, Defi Development Corp., culminated in SOL, which violated the $200 price level in July for the first time since February.
Just as the aforementioned companies built Dat Momentum and fueled Sol at a price peak of $218 by August, Forward Industries increased the tone.
The company closed its $1.65 billion pipe finance on September 11th, led by Galaxy Digital, Jump Crypto and Multicoin Capital. The announcement was enough to catapult Sol above $250, surpassing this level for the first time since January.
Furthermore, as happened with Ethereum, Solana ETFs, which acquired the US to emulate spot exposure, also saw an increase in influx.
The Rex-Soprey Solana Staking ETF (SSK) faced difficulties in attracting capital throughout August despite a solid start. The fund won a $100 million inflow just 12 days after its debut on June 2nd.
However, between late August and mid-September, SSK surpassed its cumulative flow of $200 million for the first time on September 11th.
By September 26, SSK had added another $100 million to its cumulative inflow, with data from far side investors revealing that the fund had exceeded $300 million.
Together, these precedents will be able to follow the playbook avax Treasury, combining large-scale public market capitalization injections with direct token accumulation before catalyzing secondary vehicles and ecosystem activities.
Going beyond “purchase and retention”
Avat is selling a more integrated model than a simple “purchase and retain.” The company said it secured its first Avax purchase with discounts to the market and a 18-month priority window for U.S. Treasury Department’s Avalanche Foundation sales.
It also provided an approximately 23% discount on direct token exposure (MNAV) (MNAV) and an obligation to deploy capital to avalanche rails.
Mandates include protocol investments that include transactions, enterprise partnerships for real-world assets, stable coins and payments, and effective support for the launch of Institutional Layer-1.
CEO Bert Smith said:
“We created the Avalanche Treasury Co. to provide something that appears to be more valuable than passive exposure.”
Emin Gün Sirer, founder of Ava Labs, welcomed the effort as “reflecting the growth of sophistication and momentum that will shape the avalanche future.”
On Agriforce’s side, Anthony Scaramucci, who heads the advisory committee, casts the pivot in broader terms.
“Tokenization of assets is the biggest financial theme for the next decade.”
Matt Zhang of Hivemind added his strategic ambition to build the “Berkshire Hathaway of an on-chain financial economy” and provided Wall Street with a scalable path to institutional grade blockchain infrastructure.
What is available for retailers?
For retail investors, the structure opens up two potential channels, followed by two categories of risk.
The first is the sub-stakes of the finance company itself, advertising access with an implicit discount to the underlying token basket, for example, Avat.
That “secondary discount” can be attractive, but it is not guaranteed and can sway with emotions, fluidity and the rhythm of new publications.
The second channel is indirect as DATS can concentrate capital on Avax, amplify price discoveries, improve overall spot and derivative venue depth, and accelerate build-outs of on-chain applications that generate real transaction demand.
Additionally, spot avalanche ETF filings from Bitwise, Grayscale and Vaneck await SEC approval, which can facilitate future ETF flows.
However, the same pipe mechanics funding the Ministry of Finance could hurt existing shareholders when the windows are resold.
A recent analysis of the Bitcoin Treasury name using pipes reveals a recurring pattern of stocks attracted by discounted issuance prices associated with the lifted approach. In some cases, the revision erased most of the initial gatherings, sometimes with transactions below pipe level.
Dynamic creates “overhangs” that put pressure on both the stock and the indirectly underlying token when a company is forced to manage liquidity during a drawdown period.
If avax reasuries is run, the impact will exceed the heading price.
A billion-dollar balance sheet buyers can justify Avax along with ETH and SOL in the institutional policy framework, expanding the world of allocators beyond crypto-native funds and speeding up the emergence of Avax-related structural products.
Additionally, it sets the stage for a strong case of deeper liquidity, more venues for regulated exposure, and the role of assets in tokenized finance.