AVAX One starts CEO search as Avalanche treasury plan faces pressure

AVAX One Technology has started a search for a permanent chief executive after Jolie Kahn resigned as CEO. 

The company said Kahn left the role effective immediately, while Chief Operating Officer Pete Wylie will serve as interim CEO.

Wylie will continue to serve as COO while leading the company during the search. AVAX One said its board has retained ZRG Partners to help find a permanent successor. 

“We have full confidence in Pete’s ability to lead the Company through this transition,” said Chairman Matt Zhang.

Filing details Kahn’s exit

In its latest 8-K filing, AVAX One said Kahn’s departure came by mutual agreement and was not linked to any disagreement over the company’s operations, policies, or practices. The filing said she was not removed for cause.

The filing also outlined the separation terms. Kahn will receive a $160,000 lump-sum cash payment, reimbursement for certain medical insurance costs, and $250,000 worth of unregistered common shares. Wylie will receive $40,000 per month while serving as interim CEO.

Avalanche treasury pivot remains central

Kahn led the company during its shift from AgriFORCE into an Avalanche-focused digital asset treasury company. In September 2025, AgriFORCE announced plans to rebrand as AVAX One and raise about $550 million.

The company said the strategy aimed to build more than $700 million in AVAX holdings. SkyBridge Capital founder Anthony Scaramucci was named to lead the strategic advisory board. The plan placed AVAX One among the first Nasdaq-listed companies built around an Avalanche treasury strategy.

AVAX One said its business now includes digital infrastructure, Bitcoin mining, and an Avalanche treasury. The company operates Bitcoin mining facilities in Alberta and Ohio with about 300 PH/s of hashrate, while also holding AVAX and seeking yield through staking and ecosystem participation.

AVX and AVAX remain under pressure

AVX stock traded at $5.63 at the latest check, up 5.13% on the day, according to Google Finance. The stock opened at $5.21, reached an intraday high of $5.86, and fell as low as $5.24, with a market cap near $549.1 million.

Avalanche traded near $6.73, down 1.89% on the day. The token traded between $6.71 and $7.01 over the same period, keeping pressure on companies whose treasury value is linked to AVAX.

The broader Avalanche treasury market has also weakened. As previously reported, Avalanche Treasury Co. shares fell about 73% from their Nasdaq debut level as lower AVAX prices weighed on its digital asset holdings.

As previously reported, Avalanche Treasury Co. closed 38.13% lower on its first Nasdaq trading day in June. The company held about 15 million AVAX at the time, linking its public-market value closely to the token’s price.

AVAX One’s leadership change now comes during a difficult period for public Avalanche treasury firms. The next CEO will inherit a company tied to digital infrastructure, Bitcoin mining, and AVAX accumulation at a time when token prices remain weak and investors are still testing demand for altcoin treasury stocks.