Avax One will spend $30-35 million to develop the 10MW natural gas-powered facility.
AgTech-turned-crypto company Avax One signalled another change in direction on Monday after announcing plans to develop a data centre just outside of Calgary.
The Vancouver-based, publicly-traded Avalanche treasury company said it has signed a letter of intent with Alberta-based energy infrastructure company BlueFlare Energy Solutions to develop a 10-megawatt, modular, artificial intelligence high-performance compute (AI HPC) data centre.
Slated to be built within an 80-kilometre radius of Calgary, Avax One intends to lease the data centre out upon completion, to an as-of-yet-unspecified client.
The agreement, which Avax said will be finalized within 30 days of the announcement, marks the company’s first foray into the data centre and digital infrastructure space. It comes roughly a year after the company rebranded itself as a cryptocurrency treasury, after years of operating as Agri-FORCE and focusing on intellectual property related to enhancing crop growth. SkyBridge Capital’s Anthony Scaramucci, who is also the former US White House communications director, joined Avax One’s board as part of the transition. Last year, Scaramucci publicly stated that he aims to raise half a million dollars to invest into the cryptocurrency Avalanche (AVAX), a competitor to Ethereum.
Avax One acts as the de facto vault for AVAX, serving as a bridge between the cryptocurrency space and traditional stock investors, managing large stores of the coin, and allowing traditional investors to buy in with Avax as a facilitator or middleman. It also owns Bitcoin mining operations.
The company announced this latest seachange on April 20, saying in a statement that pivoting to data centre development positioned the company “at the intersection of on-chain finance and the physical compute structure that will power it.”
Avax’s inaugural data centre facility will use natural-gas equipped brownfield sites—underutilized, vacant, or abandoned industrial sites—to both speed up permitting and also to leverage natural gas as a power source for the data centre. Battery storage, grid connectivity, and diesel-powered back-ups will be built in for redundancy.
“By utilizing …natural gas as the primary power source, [we’re able] to rely on a fixed source of power, rather than being subject to price fluctuations and grid curtailments during peak usage,” the company stated in a release.
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Slated to be built within an 80-kilometre radius of Calgary, Avax One intends to lease the data centre out upon completion to an as-of-yet-unspecified client. The company said a long-term agreement to access the powered land could begin as early as the first quarter of 2027, and that such an arrangement would create a recurring revenue stream for Avax One.
If successful, the company said the data centre’s replicable design could act as a blueprint for future developments elsewhere in Alberta.
BetaKit reached out to Axav One for comment on the specifics of the project and its pivot into the data centre space, but the company did not respond by our press time.
By its own measure, the company expects to spend around $30 to $35 million to develop the project, a significant financial investment for a company with a market capitalization of around $50 million USD. In 2025, Avax One reported revenue of just over $2.3 million USD, up year-over-year from under a million in 2024. Still, the company reported just over $33 million USD in net losses.
On Monday, the company’s stock (NASDAQ: AVX), which had fallen from more than two dollars USD in November of 2025 to less than $0.50 in April of 2026, jumped several cents to $0.70 on the heels of the announcement. It has since fallen back to $0.57 as of this story’s publication.
BetaKit’s Prairies reporting is funded in part by YEGAF, a not-for-profit dedicated to amplifying business stories in Alberta.
Feature image courtesy of Unsplash. Image by Kelly Hofer.