Avalanche Foundation-backed treasury firm to go public through $675 million merger deal, targeting $1 billion AVAX buy

Key Takeaways

• Avalanche Treasury Co. (AVAT) will merge with Mountain Lake to create a public vehicle for AVAX exposure.
• AVAT offers institutional investors discounted access to AVAX and aims to accumulate over $1 billion in AVAX assets after going public.

Avalanche Treasury Co. (AVAT), a dedicated digital asset treasury company designed to strengthen the Avalanche ecosystem, is set to go public through a merger deal with Mountain Lake Acquisition Corp. (MLAC) valued at over $675 million, according to a Wednesday statement.

The transaction includes approximately $460 million in treasury assets post–private placement financing and aims to create a leading public vehicle for AVAX exposure. The combined company is expected to debut on Nasdaq in Q1 2026, pending approvals.

Operating in close partnership with the Avalanche Foundation, AVAT is launching with an initial AVAX token purchase at a discounted market price and will have an 18-month priority on Avalanche Foundation sales to US digital asset treasury companies.

The structure delivers exposure at a 0.77x NAV multiple, giving investors a 23% cheaper entry point than direct AVAX or ETF alternatives.

“Many institutions have difficulty accessing digital assets or are limited to holding native tokens without yield or ecosystem integration. We created Avalanche Treasury Co. to offer something we believe will be more valuable than passive exposure,” said AVAT CEO Bart Smith.

The company aims to accumulate more than $1 billion worth of AVAX after going public. Ava Labs founder Emin Gün Sirer will serve as strategic advisor, while Chief Business Officer John Nahas will join the public company’s board.

“We are very pleased to welcome AVAT to the Avalanche ecosystem,” said Emin Gün Sirer. “I’m honored to support them as an advisor. Their participation reflects the growing sophistication and momentum shaping Avalanche’s future.”

According to Paul Grinberg, Chairman & CEO of MLAC, the transaction reflects confidence in AVAT’s ability to execute at scale through an experienced team and advisory group.

“Avalanche’s architecture addresses real enterprise needs in ways other protocols simply don’t,” Grinberg stated. “What attracted us to this transaction is AVAT’s operational mandate and building a treasury that actively drives token utility and adoption, not just buying and holding.”

The transaction attracted investment from major institutions, including Dragonfly, ParaFi Capital, VanEck, FalconX, Galaxy Digital, Pantera Capital, CoinFund, IMC, Kraken, and others. FalconX will provide execution and credit services, while Monarq will serve as an asset manager for AVAT.

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