Avalanche News: Scaramucci-Backed AVAX One (AVX) Approves $40M Stock Buyback

AVAX One Technology (AVX), an Avalanche-centered digital asset treasury company featuring hedge fund veteran Anthony Scaramucci on its advisory board, has approved a stock buyback program of up to $40 million. This move is intended to address the significant drop in its share price, which is currently about 70% below its closing price when the company announced its pivot to a crypto treasury strategy in September. CEO Jolie Kahn stated the company expects to enter the open market soon and will assess further repurchases based on market conditions. AVAX One, formerly AgriFORCE Growing Systems, pivoted in September with plans to acquire AVAX over time. This action aligns with a broader trend where other crypto treasury firms are using buybacks, sometimes funded by selling crypto assets, to close the gap between their stock price and the value of their underlying holdings.

(Source：CoinDesk)