AVAX One Technology ( AVX ), an Avalanche-centric digital finance company with hedge fund veteran Anthony Scaramucci at the helm of its advisory board, is the latest to return to share buybacks to stem falling stock prices.
The firm said Thursday that its board approved an up to $40 million share buyback program, which will be carried out at the company’s discretion depending on market conditions.
“We expect to hit the open market soon and will continue to evaluate additional buybacks as conditions warrant,” CEO Jolie Kahn said in a statement.
Shares are about 70% below their closing price on the day the company announced its crypto treasury pivot. They are slightly changed on Thursday.
The move comes as several crypto-finance companies are increasingly turning to share buybacks to close steep discounts between their share prices and the value of their underlying holdings. Some firms, such as ETHZilla and FG Nexus, even sold some of their crypto assets to fund similar programs.
AVAX One, formerly known as AgriFORCE Growing Systems, switched to a crypto treasury strategy in September with plans to raise $550 million to acquire AVAX over time.
Read More: Ether Treasury Firm FG Nexus Offloads Nearly 11K ETH to Fund Share Buyback
