AVAX One Technology Ltd (AVX) is a digital asset company that holds AVAX tokens, operates validator infrastructure on the Avalanche blockchain network, and mines Bitcoin. Revenue comes from two sources: delegation fees earned through its proprietary Avalanche validator nodes, launched in January 2026, and Bitcoin mined at a five-megawatt facility in Columbiana County, Ohio. For the year ended December 31, 2025, total revenue was $2,340,811, split between Bitcoin Mining at $1,732,675 (74% of revenue) and the Avalanche Protocol segment at $607,605 (26%). The company holds 12,409,212 AVAX tokens at a cost basis of $160,039,924 and 13.272 Bitcoin at a cost basis of $1,396,934 as of December 31, 2025. Capital structure is debt-heavy, relying on serial issuances of convertible debentures with 10% original issue discounts. The Ohio Bitcoin mining facility uses flare natural gas at approximately $0.04 per kWh, with a weighted average cost of Bitcoin mined of approximately $50,300 as of FY2025.

Revenue model

Transactional and protocol-native: delegation fees from third-party stakers using the company's Avalanche validator nodes, and Bitcoin mining proceeds from a five-megawatt natural gas-powered facility in Ohio. FY2025 total revenue was $2,340,811.

Products and services

Avalanche validator node infrastructure (launched January 2026) generating delegation fees; Bitcoin mining using 900 S-19 J Pro BITMAIN Antminers at a five-megawatt facility in Columbiana County, Ohio; AVAX token treasury holding 12,409,212 AVAX tokens as of December 31, 2025.

Customers and end markets

Third-party delegators staking AVAX on the Avalanche network; no individual customer concentration data disclosed in the filing. End markets are the Avalanche proof-of-stake blockchain network and the Bitcoin mining market.

Value-chain role

Blockchain infrastructure operator and digital asset treasury holder. Runs validator nodes on the Avalanche network, mines Bitcoin using owned hardware and gas-powered generation, and holds digital assets on the balance sheet.

Geographic exposure

Bitcoin mining operations in Columbiana County, Ohio (five-megawatt facility on two sites, acquired January 2025).

Source: SEC 10-K, filed 2026-03-31

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