- Avalanche Treasury Co. is merging with MLAC in a $675M SPAC deal to build a $1B AVAX treasury.
- The firm offers institutions discounted access at 0.77x NAV and plans a Nasdaq listing in 2026.
- Backed by top investors and advisors, AVAT aims to accelerate Avalanche’s ecosystem adoption.
Avalanche Treasury Co. (AVAT) revealed a $675 million merger with Mountain Lake Acquisition Corp. (MLAC), a move that sets the stage for a $1 billion AVAX ecosystem treasury. The company aims to go public on Nasdaq in early 2026, pending regulatory approval, according to its announcement.
The deal kicks off with a $200 million discounted token sale backed by the Avalanche Foundation. AVAT’s initial assets total around $460 million, giving institutions entry at 0.77 times net asset value — a 23% discount compared to ETFs or direct token purchases.
Building an Institutional Access Point
Led by CEO Bart Smith, a Wall Street veteran, AVAT is positioning itself as more than a passive holding vehicle. The strategy involves deploying capital directly into the Avalanche ecosystem, fostering adoption of protocols, enterprise blockchain use cases, and on-chain activity.
Key advisors include Ava Labs founder Emin Gün Sirer, Aave founder Stani Kulechov, Blockworks CEO Jason Yanowitz, and Dragonfly’s Haseeb Qureshi. Execution and credit services will be handled by FalconX, while Monarq oversees asset management.
Strong Backing from Wall Street and Crypto Firms
The venture has already attracted heavyweight support from both institutional and crypto-native investors such as Galaxy Digital, VanEck, Pantera, ParaFi, Dragonfly, CoinFund, and Kraken. This broad coalition reflects a rising appetite for structured exposure to AVAX as Avalanche cements itself as a blockchain for enterprise-scale applications.
The SPAC deal is expected to close in Q1 2026, coinciding with greater regulatory clarity for institutional crypto adoption. If successful, AVAT could become a new benchmark for ecosystem treasuries, giving large investors discounted exposure while fueling Avalanche’s long-term growth.
