blockworks.co
Avalanche Treasury Co. (AVAT), a digital asset treasury firm aligned with the Avalanche Foundation will merge with Mountain Lake Acquisition Corp. (Nasdaq: MLAC) in a business combination valued at more than $675 million.
The deal, which includes about $460 million in treasury assets, is expected to close in the first quarter of 2026 pending regulatory and shareholder approvals, with the combined company slated to list on Nasdaq.
The transaction gives institutional investors a new pathway to gain AVAX exposure through a public vehicle. AVAT’s launch strategy includes discounted token purchases and priority rights on Avalanche Foundation sales to US treasury companies, offering an entry point at 0.77x multiple of net asset value.
The firm aims to expand its holdings to more than $1 billion in AVAX, positioning itself as a key partner in Avalanche’s growing ecosystem, according to the company’s press release.
Advisors and board members include Avalanche founder Emin Gün Sirer, Ava Labs executive John Nahas, and representatives from Dragonfly Capital, Galaxy Digital and Aave.
CEO Bart Smith, formerly of Susquehanna International Group and AllianceBernstein, said the company intends to deploy capital actively across ecosystem initiatives, including real-world asset tokenization, stablecoin infrastructure and validator operations.
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