AgriFORCE Growing Systems saw its shares surge over 200% after announcing a pivot to an AVAX digital asset treasury model. The company aims to raise $550 million to build a treasury around Avalanche’s native token. Hivemind Capital is leading the raise with support from various backers, including Galaxy Digital and Kraken.

The Company plans to accumulate over $700 million in AVAX tokens and integrate revenue-generating fintech businesses into the Avalanche network. The advisory board will be led by Anthony Scaramucci and Brett Tejpaul. The choice of Avalanche was based on its focus on on-chain finance and staking opportunities.

AVAX is currently trading at $31.76, with plans to invest $700 million potentially yielding around $46.9 million in yearly rewards. This move comes after the Avalanche Foundation announced plans to raise $1 billion for AVAX accumulation initiatives. AGRI stock surged from $2.41 to $7.30 at open, closing at $5.73 on Nasdaq.

Avalanche, launched in 2020, focuses on supporting smart contracts and DApps with a strong emphasis on DeFi. The network has seen growth in Web3 gaming and investor interest. VanEck and Grayscale Investments have filed for Avalanche ETFs. Avalanche led all blockchains in transaction growth and saw a 24% increase in the past two weeks.

Read more at Cointelegraph: AgriFORCE Stock Rallies on Pivot to Build AVAX Treasury