A crypto treasury company has just dodged a bullet - but the good news comes with an irony that is hard to hide. AVAX One Technology, a firm holding a treasury of Avalanche (AVAX) tokens, announced that it has regained compliance with Nasdaq’s minimum bid price requirement, resolving a listing issue that had threatened its existence on the exchange.
Nasdaq confirmed that the company’s shares maintained a price above the $1.00 threshold for 10 consecutive trading days, from June 15 to June 29. The requirement was met, case closed. But the way they achieved it raises eyebrows.
A Mathematical Trick: 12 Shares Into 1
To boost its share price, AVAX One executed a 1-for-12 reverse stock split on June 15 - slashing its outstanding shares from over 92.3 million to under 7.7 million. The per-share price climbed not because business improved, but because the total share count was shrunk. Amid this turmoil, interim CEO Pete Wylie was elevated from the COO role to replace Jolie Kahn, who stepped down.
The company claims to stand on three pillars: an Avalanche digital asset treasury, Bitcoin mining in Alberta and Ohio, and AI infrastructure. It holds approximately 14 million AVAX tokens valued at nearly $95 million (around Rp1.5 trillion), which are staked at a net yield of roughly 6%.
When the Shell Is Cheaper Than Its Contents
This is where the irony widens. AVAX One’s market capitalization sits at only around $40.5 million (around Rp658 billion) - far below the value of the crypto assets it holds. The stock itself has plunged about 70% year-to-date, while the AVAX token has slumped 50% across 2026 and 95% from its 2021 peak.
This story is not merely about a single company. AVAX One is part of a wave of crypto treasury firms that emerged in 2025 following in the footsteps of Strategy. Now, with crypto prices sliding lower, many of them are submerged in losses - valued by the market at less than the coins they hold. Dodging delisting may buy time, but it does not answer the bigger question: why buy the shell when its contents can be bought for less?
Reported by Decrypt.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
