Avalanche accelerates on two $1 billion “AVAX Reserves”: SPAC and private placement closing in the coming weeks

The Avalanche Foundation is reportedly setting up two vehicles for the U.S. market to accumulate AVAX for a total amount of approximately 1 billion dollars – divided between a private placement and a SPAC. For a technical and protocol overview, refer to the official Avalanche documentation and the related technical section of the platform Avalanche Docs. In this context, the closing window indicated as “in the coming weeks” remains without official confirmation at the moment: as of September 11, 2025, there are no public announcements or regulatory filings confirming the operation.

According to the data collected by our research team and the analysis of industry reports, structural accumulation operations via SPAC or dedicated vehicles typically require a due diligence and disclosure phase that can extend for weeks or months, especially if aimed at institutional investors. Analysts also note that clarity on discounts, lock-up, and purchase schedule is crucial to mitigate market impacts and for network governance.

In brief

• Overall goal: approximately $1 billion to be raised through two vehicles in the United States.
• Structure: an initial vehicle with private placement (approximately $500 million), accompanied by a SPAC (approximately $500 million).
• Mentioned partners: Hivemind Capital – with Anthony Scaramucci as an advisor – and Dragonfly Capital; it should be noted that these references come from third-party reports and have not been confirmed by the Avalanche Foundation [data to be verified].
• Timing: the reports indicated a closure between the end of September and October; as of September 11, 2025, there are no official confirmations or public SEC filings related to the mentioned vehicles.
• Status: currently there are no official announcements or public SEC filings for the mentioned vehicles.

Two vehicles for $1 billion: structure, flows, and objectives

The plan would outline the establishment of two reserve companies in the United States, aimed at accumulating AVAX and subsequently using it for the purchase of tokens – even from the foundation itself – under economic terms (discounts, possible lock-ups, and execution schedule) not yet formalized. That said, the intent would be to increase the network’s liquidity and strengthen the operational capacity of the treasury.

• Vehicle 1: private placement associated with a company listed on Nasdaq, with a target of approximately $500 million.
• Vehicle 2: SPAC promoted by a global investor, also targeting around $500 million.

Partners and Roles: Hivemind, Scaramucci, and Dragonfly

According to sources, the first vehicle would be coordinated by Hivemind Capital with the involvement of Anthony Scaramucci as an advisor, while the second would be linked to Dragonfly Capital. Indeed, partners with experience and relationships with institutional investors could facilitate access to large-scale deals, while still awaiting official confirmations.

Potential Impact on AVAX and On-Chain Activity

The rumors come at a time when, according to sources, AVAX has recorded double-digit gains in some sessions, amidst high volatility. On the on-chain front, The Block reports over 11 million transactions in the most recent week, although no exact period is specified. In this scenario, circulating supply dynamics and a potential buyback by the treasury could reflect on the balance between demand and supply of the token, with potentially significant impacts on liquidity in the short term.

How reserves could be employed

According to the available information, the collected reserves could support growth initiatives of the Avalanche ecosystem, both on the infrastructural and operational levels. It should be noted that the possible lines of employment include:

• Support for the development of infrastructure and core projects.
• Incentives aimed at developers, validators, and liquidity providers.
• Market operations aimed at managing the supply and stability of the network.

Risks and Critical Issues to Monitor

• Concentration: the accumulation of tokens in vehicles linked to the foundation could impact decentralization and governance.
• Regulation: the operation, exposed to the US regulatory perimeter, involves risks related to disclosure and compliance, particularly in transactions with SPACs. As of September 11, 2025, there are no public SEC filings related to these vehicles.
• Execution: uncertainties remain regarding lock-up, pricing criteria, and purchase schedule.
• Transparency: timely reporting on the use of reserves and their related performance will be essential.
• Market: the operation could impact the liquidity and volatility of AVAX in the short term.

Expected Timeline and Next Steps

• The closure of the two tranches was indicated “in the coming weeks” in the initial reports – tentatively between the end of September and October; however, as of September 11, 2025, no official confirmations have emerged.
• An official announcement is expected regarding the final structure, economic terms, and governance of the vehicles.
• In case of SPAC confirmation, the standard phases will follow: due diligence, preparation of regulatory documentation, and post-merger operations.

Context and Sources

The information comes from third-party reports, as reported by CryptoNews and The Block. At the time of publication, and specifically on September 11, 2025, there are no official statements from the Avalanche Foundation nor public SEC filings related to these operations. Details such as discounts, lock-up, purchase schedule, and precise timing of on-chain transactions remain subject to further verification; it will be important to monitor any official disclosures and regulatory reports to obtain certified numbers and terms.