AgriFORCE Surges 138% on Strategic Pivot to Avalanche Blockchain
The company will rebrand as AVAX One, with advisor Anthony Scaramucci guiding a planned $550 million capital raise to acquire AVAX tokens.
Shares of AgriFORCE Growing Systems (NASDAQ: AGRI) skyrocketed 137.76% in a dramatic trading session, fueled by news of a radical strategic pivot away from agriculture technology and towards the cryptocurrency sector. The company announced it will rebrand as AVAX One and focus its business on accumulating a treasury of Avalanche (AVAX) tokens, positioning itself as the first publicly-traded company on Nasdaq dedicated to the Avalanche ecosystem.
The massive stock rally was accompanied by extremely high trading volume, with over 121 million shares changing hands. The catalyst for the speculative frenzy is a new corporate strategy led by incoming strategic advisor Anthony Scaramucci, the founder of SkyBridge Capital. AgriFORCE to build a significant treasury of AVAX tokens.
This move marks a complete transformation for AgriFORCE, which had previously focused on agricultural technology before a brief venture into Bitcoin mining. The new entity, AVAX One, will provide public market investors with direct exposure to the Avalanche blockchain, a platform Scaramucci has vocally supported. Scaramucci, who is also an investor in the rebranded company, has called Avalanche the , praising its institutional-grade capabilities for asset tokenization.
The strategic shift represents a high-stakes bet on the future of the Avalanche network. According to , the capital raised will be used to acquire over $700 million in AVAX tokens, making the company's performance intrinsically linked to the token's market value. For investors, the surge in AGRI's stock price reflects excitement over a new, simplified way to invest in a major crypto asset through the traditional stock market. However, the pivot also concentrates the company's risk, tying its fate directly to the volatile cryptocurrency landscape.