Key Takeaways:
AVAX One Technology Chief Executive Officer Jolie Kahn resigned effective July 3, the Nasdaq-listed company managing a $550 million Avalanche treasury strategy said Monday.
Kahn "played an instrumental role in positioning AVAX One for long-term success as we transformed into a digital infrastructure company," Chairman Matt Zhang said in a statement.
The board appointed Chief Operating Officer Pete Wylie as interim CEO and retained executive search firm ZRG Partners to find a permanent successor. Wylie, a former chief financial officer of Napster Holdings Inc. and consumer lender CommonBond, will receive $40,000 a month in the expanded role while continuing as COO, according to an 8-K filing with the SEC. Kahn will receive a $160,000 lump-sum cash payment and $250,000 in unregistered common stock under a separation agreement dated July 5, the filing shows.
The leadership change comes as AVAX One works to resolve a Nasdaq listing deficiency after its stock fell below the $1 minimum bid price. Shareholders approved a 1-for-12 reverse stock split on May 29 that took effect June 15, cutting the share count to about 7.7 million from roughly 92.3 million. The company, which also mines bitcoin at roughly 300 PH/s across facilities in Alberta and Ohio, said Kahn's departure was not related to any disagreement over operations, policies or practices.
SkyBridge Capital founder Anthony Scaramucci backed AVAX One's $550 million Avalanche treasury strategy announced last year, which involves accumulating AVAX tokens and generating onchain yield through native staking on the Avalanche network. The CEO vacancy introduces uncertainty around the execution of that strategy, though the board said it has "full confidence" in Wylie's ability to lead the transition. The company builds power-first, modular data centers in energy-advantaged regions for AI and high-performance computing workloads alongside its digital asset operations.
This article is for informational purposes only and does not constitute investment advice.
