Avalanche Treasury Co. (AVAT) has unveiled a $675 million business combination with Mountain Lake Acquisition Corp. (MLAC), a Nasdaq-listed special purpose acquisition company.
The deal is expected to close in the first quarter of 2026, subject to regulatory and shareholder approval. It will result in one of the largest publicly listed digital asset treasuries to date. The treasury will have backing of approximately $460 million in treasury assets at closing.
Avalanche Deal Structure
The combination brings together a substantial pool of treasury capital with AVAT’s exclusive relationship to the Avalanche Foundation. Approximately $460 million in treasury assets from AVAT and supporting capital partners will back the new public entity.
Upon completion, which is subject to regulatory and shareholder approvals, the merged company plans to debut on Nasdaq in the first quarter of 2026 under the ticker symbol “AVAT”.
AVAT’s initial treasury moves included the purchase of $200 million of AVAX tokens at a discounted rate. Additionally, it secured an 18-month priority right to acquire additional AVAX coins directly from the Avalanche Foundation.
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This early access aims to provide shareholders with an entry point into AVAX at a 0.77x multiple of net asset value, representing a roughly 23% discount compared to directly buying AVAX or investing in most passive ETF products.
The combined entity aims to build one of the largest treasuries for a blockchain project, targeting more than $1 billion in AVAX assets post-listing. Its goals include actively managing the treasury, providing AVAX access to institutions, and investing in initiatives such as validator staking, partnerships with businesses, and grants.
Unlike passive funds, AVAT’s publicly listed setup aims to connect how money is linked to the growth of the network, helping projects in the Avalanche ecosystem and encouraging long-term adoption of blockchain technology.
Governance and Institutional Support
Leadership for the new company comprises prominent figures from the Avalanche ecosystem and experienced executives from finance and digital asset management. Avalanche (AVAX) founder Emin Gün Sirer and Ava Labs executive John Nahas should be part of the board.
Major crypto venture firms, including VanEck, Galaxy Digital, Pantera, Dragonfly Capital, and ParaFi, provided institutional backing, reflecting mainstream investment interest in crypto-treasury vehicles.
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