M2 Capital Invests $21M in First Nasdaq-Listed AVAX Treasury

M2 Capital Limited, the proprietary investment arm of UAE-headquartered M2 Group, has committed $21 million to the AVAX One Digital Asset Treasury, marking a significant milestone in institutional cryptocurrency adoption. This strategic investment targets the first Nasdaq-listed treasury company exclusively focused on accumulating AVAX, the native token of the Avalanche ecosystem. The move aligns with M2 Capital’s broader mission to connect blockchain developments with the growing demand for compliant digital assets throughout the MENA region, leveraging the firm’s regional expertise and institutional market access.

The AVAX One treasury vehicle emerged from the transformation of AgriFORCE Growing Systems, which announced on September 22, 2025, that it would be renamed to AVAX One and become the first Nasdaq-listed company dedicated to maximizing AVAX ownership on a per-share basis. The initial PIPE financing round, led by Hivemind Capital with participation from M2 Capital and co-investor Cypher Capital, is projected to raise approximately $300 million, split between capital and AVAX token contributions. Upon launch, the treasury aims to hold over $420 million worth of AVAX on its balance sheet, creating a substantial institutional foothold for the cryptocurrency.

Avalanche has established itself as a high-speed, institutional-grade blockchain designed to serve as a foundational settlement layer for global finance. AVAX, its native token, consistently ranks among the top 15 cryptocurrencies by market capitalization, with current metrics showing a market cap of nearly $12 billion and total value locked exceeding $4 billion across its network. These figures underscore both the scale and maturity of AVAX within the digital asset landscape, making it an attractive foundation for professionally managed treasury vehicles like AVAX One.

James Greenwood, Chief Executive Officer of M2 Capital, emphasized the strategic rationale behind the investment, stating: ‘Avalanche’s architecture has been built for the next era of blockchain solutions, and AVAX is its core economic engine. Our participation in this treasury demonstrates our conviction in the Avalanche ecosystem and our commitment to supporting its continued growth and adoption, as well as the growth and adoption of blockchain networks globally.’ This sentiment reflects the broader institutional confidence in Avalanche’s technical capabilities and market position.

Matt Zhang, Founder of Hivemind Capital and nominated Chairman of the AVAX One Board, acknowledged M2 Capital’s contribution, noting: ‘We’re grateful to M2 Capital for their support as we continue to advance Avalanche’s institutional growth story. The depth and diversity of participation we’ve seen reflects the industry’s recognition of Avalanche as a leading platform for onchain finance and reinforces the role AVAX One plays as the premiere, regulated gateway to that future.’

The AVAX One investment represents the latest in a series of strategic initiatives by M2 Capital to advance institutional-grade blockchain infrastructure adoption. In July 2025, the firm joined other leading investors and infrastructure partners in supporting the Sui Foundation and Nasdaq-listed SUI Group Holdings Ltd. through a PIPE investment aimed at establishing a dedicated Sui Treasury. More recently, M2 Capital invested $20 million in Ethena as part of a strategic partnership, demonstrating a systematic approach to blockchain ecosystem development.

M2 Group’s institutional backing and regulatory compliance framework strengthen its position in the digital asset space. The conglomerate operates through multiple regulated entities, including M2 Custody Limited, licensed by the Financial Services Regulatory Authority in Abu Dhabi Global Market; M2 Global Wealth Limited, licensed by the Securities Commission of The Bahamas; and M2 Capital Limited, established in Abu Dhabi Global Market. These entities provide clients with access to institutional-grade custody, tailored yield strategies, digital asset financing, and deep OTC liquidity.

As a privately held company backed by institutional shareholders with deep roots in the UAE’s innovation economy, M2 Group combines regional insight with international reach to create exclusive opportunities in the digital asset space. The firm’s guided by strong governance and global standards, positioning it as a key bridge between traditional finance and emerging blockchain technologies in the MENA region and beyond.