AVAX One Expertise (AVX), an Avalanche-centered digital asset treasury firm with hedge fund veteran Anthony Scaramucci heading the advisory board, is the newest to show to share buybacks to arrest plunging inventory costs.
The agency mentioned Thursday its board approved an as much as $40 million inventory repurchase program, which shall be executed on the firm’s discretion relying market situations.
“We count on to hit the open market quickly and can proceed to evaluate extra repurchases as situations warrant,” CEO Jolie Kahn mentioned in an announcement.
Shares are roughly 70% under their closing worth on the day the corporate introduced its crypto treasury pivot. They’re little-changed on Thursday.
The transfer comes as a number of crypto treasury corporations are more and more turning to share buybacks to shut steep reductions between their share costs and the worth of their underlying holdings. Some companies, comparable to ETHZilla and FG Nexus, even offered a few of their crypto belongings to fund comparable applications.
AVAX One, previously often called AgriFORCE Rising Methods, pivoted in September to a crypto treasury technique with plans to lift $550 million to amass AVAX over time.
Learn extra: Ether Treasury Agency FG Nexus Unloads Almost 11K ETH to Fund Share Buyback