AVAX One has launched a search for a permanent CEO after Jolie Kahn’s immediate resignation, appointing COO Pete Wylie as interim chief while the company navigates a challenging market for Avalanche-linked treasuries.
Key developments
- Jolie Kahn left effective immediately “by mutual agreement,” the company said in an 8-K filing, adding that her departure was not for cause or tied to any dispute over operations, policies or practices. Her separation package includes a $160,000 lump-sum cash payment, reimbursement for certain medical insurance costs, and $250,000 in unregistered common shares.
- Pete Wylie, who will remain COO while serving as interim CEO, will be paid $40,000 per month in the interim role. AVAX One’s board has retained executive search firm ZRG Partners to find a permanent successor. Chairman Matt Zhang said, “We have full confidence in Pete’s ability to lead the Company through this transition.”
- Wylie is a seasoned entrepreneur-investor with multiple exits and visible ties to the Avalanche ecosystem (he recently served as a Build Games judge).
Why this matters
AVAX One — the company that transitioned from AgriFORCE into an Avalanche-focused digital asset treasury firm — is in the middle of an ambitious strategy to build substantial AVAX holdings. In September 2025, AgriFORCE announced plans to rebrand as AVAX One and target roughly $550 million in fundraising with an aim to accumulate more than $700 million in AVAX. The company also named SkyBridge founder Anthony Scaramucci to lead its strategic advisory board.
Business mix and market pressure
AVAX One’s operations now span digital infrastructure, Bitcoin mining and an Avalanche treasury. It operates Bitcoin mining facilities in Alberta and Ohio with roughly 300 PH/s of hashrate, while holding AVAX and pursuing yield through staking and ecosystem participation.
That treasury focus comes at a delicate time. AVAX the token traded near $6.73, down about 1.9% on the day (range $6.71–$7.01), keeping downward pressure on firms whose public valuations depend heavily on AVAX holdings. AVAX One’s stock was trading around $5.63 (up ~5.1% intraday) with a market cap near $549.1M, after opening at $5.21 and hitting an intraday high of $5.86.
The broader market has shown the risks: Avalanche Treasury Co., another Nasdaq-listed firm built around AVAX reserves, saw its shares plunge from debut levels (reportedly down about 73% from its Nasdaq debut) and opened 38.13% lower on its first trading day in June, underscoring how token volatility can rapidly erode treasury-backed equity value.
What’s next
AVAX One’s incoming CEO will inherit a hybrid business—Bitcoin mining operations and an AVAX-accumulation/staking strategy—at a time when token prices are weak and investor appetite for altcoin-treasury stocks remains uncertain. The board’s retention of ZRG signals a structured hunt for leadership that can steer the company through these market headwinds and execute its treasury-focused roadmap.
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