AVAX One launches CEO search after Jolie Kahn exits

AVAX One Technology Inc., listed on Nasdaq under the ticker AVX, announced that Jolie Kahn stepped down as chief executive effective July 3. The company's board has begun a search for a permanent CEO and appointed Chief Operating Officer Pete Wylie Jr. as interim chief executive to manage day-to-day operations.

An SEC Form 8-K filed by the company disclosed a separation agreement signed July 5. Under the agreement, Kahn will receive a $160,000 lump-sum cash payment in lieu of remaining consulting fees, reimbursement for certain medical insurance costs, and $250,000 worth of unregistered common shares. The filing described the departure as by mutual agreement and did not provide a reason for the exit.

Kahn led a strategic overhaul announced in September, when the company rebranded from AgriFORCE and set plans to raise about $550 million. The firm aimed to build a digital asset treasury holding of more than $700 million in Avalanche (AVAX) tokens. The reorientation was backed by SkyBridge Capital founder Anthony Scaramucci and placed AVAX One among publicly traded companies adopting cryptocurrency treasuries beyond bitcoin.

Companies that created crypto-focused treasuries during the 2025 crypto bull market have experienced volatility as token prices and liquidity changed. A rival firm that began trading on Nasdaq on June 11 dropped more than 71% in its first month as the market value of its AVAX holdings declined. AVAX One shares were down about 1.5% in early trading the same day. The Avalanche token traded near $6.90, roughly 30% higher than its price when it first entered the market in September 2020.

The board said it will continue to evaluate leadership and strategic options while Wylie serves as interim CEO.