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An advisor to the Trump family-backed cryptocurrency platform World Liberty Financial placed a risky long bet on Avalanche (CRYPTO: AVAX) following the announcement of the first publicly traded AVAX-focused treasury company.
The individual, operating under the pseudonym Ogle on X, opened a 10x leveraged long bet on AVAX, worth $2.2 million, according to Lookonchain.
Additional data from Hypurrscan showed that the position was opened at an entry price of $33.8835. As of this writing, the price has risen to $34.146, netting Ogle an unrealized profit of $17,445.
The daring bet follows AgriFORCE Growing Systems Ltd.‘s (NASDAQ:AGRI) move to rebrand as AVAX One, establishing the first publicly traded company centered on AVAX accumulation. The firm plans to raise approximately $550 million through this new venture, dedicated to maximizing ownership of the $14 billion-valued token.
The advisory board will be led by Anthony Scaramucci, a vocal cryptocurrency advocate and founder of SkyBridge Capital.
See Also: Bitcoin Flat As Fed Policy Meet Looms; Ethereum, Dogecoin, XRP Decline: Analyst Flags Support Where They Plan To ‘Load Heavily' On ETH
Price Action: AVAX surged to an 8-month high of $35.91 following the announcement, while the AGRI stock has popped nearly 75%, according to data from Benzinga Pro.
The company’s shares slipped 2.85% in after-hours trading after closing 26.53% lower at $4.210 during Tuesday’s regular trading session.
The stock exhibited a low growth score — a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. How does it compare with Strategy Inc. (NASDAQ:MSTR) and other cryptocurrency treasury-linked stocks? Visit Benzinga Edge Stock Rankings to find out.
Benzinga Note: Leverage trading allows cryptocurrency traders to open larger positions using borrowed capital. While it can potentially amplify profits, it also significantly increases the risk of substantial losses due to the volatile nature of cryptocurrencies.
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Photo courtesy: DIAMOND VISUALS/Shutterstock
