AVAX One drops data center plans to focus on its Avalanche treasury

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AVAX One drops data center plans to focus on its Avalanche treasury

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AVAX One Technology has scrapped its modular data center plans to focus on holding and staking AVAX. Its Q3 2026 net income of approximately $49.9 million came largely from an unrealized gain on digital assets.

AVAX One Technology Ltd. (NASDAQ: AVX) scrapped its modular data center plans and now focuses on holding and staking Avalanche's native token, AVAX. The company announced the pivot alongside its Q3 2026 results on November 12, 2026.

Paper gains drive the quarter's profit

The company reported net income of approximately $49.9 million for the quarter. A $55.1 million unrealized gain on digital assets was the biggest contributor, meaning the tokens are worth more on the books but nothing has been sold.

Actual revenue was smaller, at $2.4 million for the quarter. The company says revenue increased more than fourfold year-over-year from a base of approximately $526,000. Staking rewards on AVAX holdings contributed $1.8 million, while Bitcoin mining added another $0.7 million.

Treasury holdings and debt reduction

As of September 30, 2026, AVAX One held 14,170,184 AVAX tokens and equivalents, including approximately 850,000 AVAX deployed into Treehouse. About 99.7% of the treasury was actively staked, generating an annualized yield of approximately 5.85%.

The quarter also brought debt reduction. AVAX One eliminated more than $14.9 million in convertible debt during Q3, then cleared its convertible debt to zero by early November 2026.

The company is also buying back its own stock under a $40 million repurchase program. It bought back roughly 384,000 shares in Q3, then about 710,000 more in October.

From AgriFORCE to a pure Avalanche treasury

AVAX One was previously known as AgriFORCE Growing Systems Ltd. Its Avalanche treasury strategy began in Q4 2025 and ran in parallel with plans for modular data centers and AI and high-performance computing infrastructure.

Following a strategic review, the company terminated those initiatives, including a planned collaborative project with BlueFlare Energy Solutions.

Source: Crypto Briefing

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