AVAX One launches CEO search after leader of its Avalanche treasury pivot steps down

The Nasdaq-listed AVAX One Technology (AVX) is now searching for a new chief executive after Jolie Kahn, who oversaw the company's transformation into an Avalanche-focused (AVAX) digital asset treasury company, stepped down effective July 3, according to a Monday release.

The company's COO, Pete Wylie Jr., has been appointed interim CEO while the board looks for a permanent successor.

Kahn led AVAX One through a major overhaul announced last September, when the company unveiled plans to rebrand from AgriFORCE, raise approximately $550 million, and accumulate more than $700 million worth of AVAX tokens.

The transition, backed by SkyBridge Capital founder Anthony Scaramucci, was among the first wave of publicly traded companies adopting digital asset treasury strategies beyond bitcoin.

In an 8-K filing with the SEC, the company said Kahn's departure was by mutual agreement. Under a separation agreement signed July 5, she will receive a $160,000 lump-sum cash payment in place of the remaining consulting fees under her contract, reimbursement for certain medical insurance costs, and $250,000 worth of unregistered common shares.

Avalanche treasury companies, like nearly every other crypto treasury company that spun off around the heights of the 2025 crypto bull market, have struggled to maintain traction in public markets.

AVAX One rival Avalanche Treasury Co. (AVAT), which went public on Nasdaq on June 11, has fallen over 71 % in its first month as the value of its AVAX holdings declined.

Shares of AVAX One were down about 1.5% in early Monday trading while the cryptocurrency itself (also using the AVAX ticker) was trading for $6.90, only about 30% higher than when the crypto hit the market in September 2020, according to The Block's crypto price page.