AVAX One Technology Ltd. (NASDAQ: AVX), a prominent digital infrastructure company focused on the Avalanche ecosystem, recently announced a significant leadership change. Effective July 3, 2026, Jolie Kahn resigned from her position as Chief Executive Officer. In response, the company's Board of Directors has appointed Pete Wylie, previously the Chief Operating Officer, as the interim CEO. The Board has also initiated a comprehensive search for a permanent successor, engaging global executive search firm ZRG Partners to assist in the process.
The transition comes as AVAX One continues to execute its strategy as a digital infrastructure company, building data centers for AI and high-performance computing workloads, mining Bitcoin, and maintaining a substantial Avalanche digital asset treasury. The company clarified that Ms. Kahn's departure was not the result of any disagreement with AVAX One regarding its operations, policies, or practices.
Pete Wylie brings extensive operational and financial experience to his interim role. His background includes serving as Chief Financial Officer of Napster Holdings Inc. through its 2025 acquisition by Infinite Reality, and holding CFO and COO positions at consumer lender CommonBond. He also co-founded Gradible, a consumer financial technology company acquired by CommonBond in 2016. Matt Zhang, Chairman of the Board, expressed confidence in Wylie's ability to lead the company during this transitional period, acknowledging Kahn's instrumental role in positioning AVAX One for its transformation into a digital infrastructure company.
AVAX One's strategic pivot to an Avalanche-focused digital asset treasury was a notable development in late 2025. The company, formerly AgriFORCE Growing Systems, rebranded and announced plans in September 2025 to raise approximately $550 million from outside investors to fund the acquisition of Avalanche (AVAX) tokens, with an aim to eventually hold over $700 million in AVAX. This initiative garnered significant attention, partly due to the backing of SkyBridge Capital founder Anthony Scaramucci, who leads the company's strategic advisory board.
The company's model is designed to accelerate the transition to an onchain financial economy built on the Avalanche ecosystem. This involves disciplined accumulation of AVAX tokens, protocol-native staking, and participation in the expansion of institutional onchain finance. As of April 23, 2026, AVAX One's Avalanche treasury held approximately 14 million AVAX, with over 90% actively staked, generating an annualized yield of roughly 6% from protocol-minted staking rewards. The company's strategy also integrates cash flow from its AI and high-performance computing data center business to fund treasury accumulation, aiming to avoid forced selling of digital assets.
This leadership change at AVAX One is particularly relevant for the 'Crypto Banks' category, as the company operates as a publicly traded entity focused on managing a substantial digital asset treasury and providing institutional access to the Avalanche blockchain. Its strategy of combining digital asset accumulation, staking for yield, and leveraging traditional infrastructure (data centers) to support its crypto holdings positions it as a hybrid model bridging traditional finance and the burgeoning onchain economy. The ongoing search for a permanent CEO will be crucial in guiding AVAX One's continued development and its role in the evolving landscape of institutional digital asset management and decentralized finance.
Original announcement: AVAX One Technology Ltd.