Major investors in cryptocurrency and a key advisor to a prominent crypto project have placed hefty bets on the appreciation of Avalanche’s native utility token following a significant corporate treasury announcement and related ETF filings.
Renowned crypto analyst and World Liberty Financial (WLFI) adviser, Ogle, initiated a $2.2 million long position using 10x leverage, forecasting a rise in the Avalanche (AVAX) token’s price.
The position was set with an entry price of $33.88 and is at risk of liquidation if the AVAX token drops below $15.50, as indicated by blockchain data provider Lookonchain.
Ogle made his leveraged investment shortly after AgriFORCE Growing Systems announced a strategic decision to establish a $550 million AVAX corporate treasury.
The company plans to rebrand to AVAX One and aims to acquire a total of $700 million in AVAX tokens as part of its long-term vision. Following the treasury announcement, the company’s shares surged by over 200% at the market open on Monday, as reported by Cointelegraph earlier.
The advisory board of the company will be led by Anthony Scaramucci, founder of SkyBridge Capital and a notable crypto enthusiast, along with Brett Tejpaul, the head of Coinbase Institutional.
Investors are also increasing their stakes in AVAX. Whale wallet “0xb2ca” established an AVAX long position with 5x leverage valued at $17.2 million, generating over $900,000 in unrealized profit in just nine hours.
Related: Avalanche, Toyota Blockchain designing autonomous robotaxi infrastructure
AVAX remains 76% below all-time high despite rising corporate interest
After the recent treasury announcement, the AVAX token saw an increase of more than 10.8% in the past 24 hours, trading at $34.45 as of this writing.
Despite this latest surge in corporate interest, the AVAX token continues to be over 76% lower than its record high of $146 set nearly four years ago on November 21, 2021, according to TradingView data.
Related: Avalanche leads blockchain transaction growth amid US government implementation
The Avalanche Foundation, a nonprofit focused on advancing the Avalanche blockchain network, is in talks with investors to secure a $1 billion crypto treasury vehicle aimed at purchasing AVAX tokens at a reduced price, as reported by the Financial Times on Thursday, citing insiders.
This fundraising effort involves two potential deals, the first of which aims to gather $500 million through a private placement led by New York-based blockchain investment firm Hivemind Capital.
In addition to growing investor enthusiasm for AVAX, the crypto-focused asset management firm Grayscale submitted an updated Form S-1 to the U.S. Securities and Exchange Commission for its spot Avalanche ETF on August 25, according to Cointelegraph.
Magazine: Altcoin season 2025 is almost here… but the rules have changed
