Avax One Technology Ltd. (NASDAQ: AVX)

AVAX One Technology Ltd. focuses on digital asset treasury and sustainable Bitcoin mining operations. The company previously operated as an ag technology business but ceased those activities in early 2025 except for the liquidation of its Manna business. It now owns and operates three Bitcoin mining facilities, one in Alberta, Canada and two in Ohio, and manages a treasury of AVAX tokens, the native cryptocurrency of the Avalanche blockchain, through staking and direct acquisition. The mining fleet includes 682 BITMAIN Antminer S21 Pro, 1,407 BITMAIN Antminer S19J Pro, 50 BITMAIN Antminer S21XP and 75 BITMAIN Antminer S19 ASIC machines, which run on low cost power supplied by flared natural gas in Alberta and grid electricity in Ohio. An asset management agreement with Hivemind Capital Partners oversees the digital asset portfolio.

The company generates revenue primarily from staking its AVAX tokens, which yielded 49,768 tokens and $607,605 in rewards during 2025, and from the occasional sale of mined Bitcoin to meet working capital needs. Bitcoin mining produces cryptocurrency that is held on the balance sheet, with four Bitcoin sold during the year to generate cash. The mining operation incurred a weighted average cost of approximately $50,300 per Bitcoin in 2025, while the average market price of one Bitcoin was $87,508.83 at year end. Revenue may also arise from appreciation of the AVAX token holdings, although such gains are unrealized until disposition.

In the Bitcoin mining sector, AVAX One Technology Ltd. differentiates itself by using flared natural gas to power its Alberta operations, resulting in low energy costs and eligibility for carbon credit programs. This approach reduces environmental impact compared with grid powered peers such as Marathon Digital Holdings and Riot Platforms. The company’s mining facilities in Ohio benefit from access to low price power purchase agreements and have the capacity to scale up to 1,200 mining units. In the digital asset treasury space, the company’s focus on AVAX staking and its partnership with a registered investment adviser provide a structured approach to earning yield, with a net rewards rate ranging from 5.45% to 6.49% after fees. This positions it alongside firms like MicroStrategy that hold cryptocurrency as a reserve asset but with an active staking component that generates ongoing income.

The company’s customers for its Bitcoin mining output are cryptocurrency exchanges and institutional investors that purchase the mined Bitcoin on the open market. Its staking rewards are earned directly from the Avalanche network, which distributes tokens to validators based on their stake, providing a steady stream of income. Through its private placements, the company also receives capital from accredited and institutional investors seeking exposure to its digital asset strategy and its treasury of AVAX tokens. Additionally, the company has engaged in discussions to sell its Manna intellectual property, which could generate future revenue from licensing or outright sale.