Key Highlights
- AVAX One CEO Jolie Kahn has stepped down, with COO Pete Wylie Jr. appointed as interim CEO while the company searches for a permanent replacement.
- The company holds about 13.8 million AVAX tokens worth around $95 million and continues to focus on its long-term Avalanche treasury strategy.
- AVAX One and other crypto treasury firms have faced market pressure, with the company’s stock down more than 70% in six months.
AVAX One Technology Ltd, an Avalanche-focused treasury firm, is searching for a new chief executive after CEO Jolie Kahn stepped down effective July 3, 2026.
The U.S.-based company confirmed the leadership change in a filing with the U.S. Securities and Exchange Commission. After Kahn’s exit, Chief Operating Officer Pete Wylie Jr. was appointed interim CEO while still keeping his COO role. The board also said it has begun a search for a permanent CEO with the assistance of executive search firm ZRG Partners.
Why the CEO is leaving
The company said Kahn’s departure was a mutual decision and that there were no disagreements regarding the firm’s operations, policies, and strategy. In a statement, the board credited Kahn with helping transform AVAX One into a digital infrastructure company and expressed confidence in Wylie’s ability to lead the business during the transition.
“Jolie has played an instrumental role in positioning AVAX One for long-term success as we transformed into a digital infrastructure company,” the firm said.
Under an exit agreement signed on July 5, Kahn will receive a $160,000 cash payment, reimbursement for certain medical insurance expenses, and $250,000 worth of company shares. The shares remain subject to vesting and other conditions. According to the agreement, the compensation replaces payments that would otherwise have been made for future consulting services.
Interim leadership under Pete Wylie Jr.
While this change was happening, AVAX One has placed Pete Wylie Jr. in charge as interim CEO. He will earn about $40,000 every month while handling both his CEO and COO duties.
Wylie has worked in finance and tech companies before, including roles at Napster Holdings, CommonBond, and Gradible. The company believes his experience in operations and finance will help keep things stable while they search for a long-term CEO.
AVAX treasury remains the focus
AVAX One continues to center its strategy on building and managing an Avalanche treasury. The company holds about 13.8 million AVAX tokens, worth around $95 million, which is about 3% of all AVAX tokens in circulation. The company says it does not plan to sell these tokens quickly, as its goal is to hold them long-term. Instead, it tries to earn extra income by staking AVAX, which gives around 6% returns by helping support the Avalanche blockchain network.
Aside from holding AVAX, the company is also working on building modular data centers that are designed for artificial intelligence systems, high-performance computing, and blockchain networks. Earlier this year, the company also completed a 12-for-1 reverse stock split on June 15 while continuing to report investment-related losses tied to its crypto holdings.
The stock is still under pressure
The leadership change comes as AVAX One faces continued market pressure. The company’s shares have declined more than 70% over the past six months and were recently trading around $5.61, according to data from Yahoo Finance.
Meanwhile, AVAX was trading at approximately $6.90, down about 62% over the past year, according to CoinMarketCap.
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