A Vancouver-based cryptocurrency treasury company is making another major strategic shift, announcing plans to develop a sprawling artificial intelligence data centre on the outskirts of Calgary.
Avax One, a publicly-traded firm managing cryptocurrency assets and Bitcoin mining operations, revealed Monday that it has signed a letter of intent with Calgary-area energy infrastructure company BlueFlare Energy Solutions to construct a 10-megawatt modular AI high-performance compute facility within an 80-kilometre radius of the city.
The $30 to $35 million USD project represents a significant capital commitment for the company and marks its debut into the data centre and digital infrastructure space. The facility is expected to be operational by the first quarter of 2027, with a pre-signed long-term lease agreement to an unnamed client already in the works.
From Agriculture to Cryptocurrency to Computing Infrastructure
The announcement underscores Avax One's dramatic transformation over the past two years. The company formerly operated as Agri-FORCE, focusing on agricultural technology and crop enhancement intellectual property before rebranding roughly a year ago as a cryptocurrency treasury and AVAX coin custodian.
The company serves as a bridge between traditional stock investors and the cryptocurrency market, managing large holdings of the Avalanche (AVAX) coin—a competitor to Ethereum—and facilitating institutional investment. Anthony Scaramucci, former U.S. White House communications director and principal at SkyBridge Capital, joined the company's board during the transition, publicly signalling his intent to raise investment capital for the AVAX ecosystem.
Leveraging Alberta's Energy Infrastructure
Avax One's data centre strategy capitalizes on Alberta's abundant natural gas resources. The facility will be built on brownfield industrial sites—underutilized, vacant, or abandoned properties—that already feature natural gas infrastructure, streamlining permitting and reducing development timelines.
"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 its announcement.
The design incorporates battery storage, grid connectivity, and diesel-powered backup systems to ensure continuous operations. If the Calgary-area project succeeds, Avax One said the replicable facility design could serve as a blueprint for additional data centre developments throughout Alberta.
Financial Pressures and Market Volatility
The venture arrives at a financially challenging moment for Avax One. While the company reported $2.3 million USD in revenue during 2025—a significant jump from under $1 million in 2024—it recorded net losses exceeding $33 million USD for the same period. The company's market capitalization hovers around $50 million USD, making this data centre investment a substantial bet on its future direction.
Market reaction has been volatile. Avax One's NASDAQ-listed stock (ticker: AVX) surged several cents to $0.70 following Monday's announcement, though it subsequently retreated to $0.57 by press time. The stock had plummeted from over $2 USD in November 2025 to below $0.50 just weeks before the data centre announcement.
The final agreement between Avax One and BlueFlare is expected to be finalized within 30 days. For Calgary and Alberta's broader technology infrastructure sector, the project signals growing interest in positioning the province as a competitive hub for AI computing and digital infrastructure development.
This story is based on reporting from BetaKit, a Canadian technology news outlet. Read the original article at BetaKit.com.