The company intends to accelerate the growth of the Avalanche ecosystem and plans to acquire over $1 billion worth of AVAX over time.

Avalanche is a six-year-old blockchain built for business that counts BlackRock, Franklin Templeton and Apollo among its users.

Avalanche gains multiple NASDAQ-listed products including AVAX One, Grayscale and VanEck ETFs, and a $675M SPAC deal as the crypto proxy trade accelerates.