Étienne Girard
Avalanche Treasury Co. (AVAT) has unveiled a definitive merger agreement with Mountain Lake Acquisition Corp., a Special Purpose Acquisition Company (SPAC), in a deal worth over $675 million. The transaction ranks among the largest SPAC moves tied to the crypto sector, signaling growing institutional appetite for Avalanche’s ecosystem.
The agreement includes $460 million in projected treasury assets at closing, a $200 million discounted AVAX purchase allocation through the Avalanche Foundation, and additional equity considerations. Beyond that, AVAT secured an 18-month priority window on Avalanche Foundation sales to U.S. digital asset treasuries.
Backing comes from a blend of traditional finance and crypto-native investors such as Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, and Kraken. FalconX will handle trading and credit services, while Monarq manages parts of the treasury portfolio. Advisory support is being provided by PJT Partners and Barclays, with legal guidance from Skadden and Davis Polk.
Nasdaq Debut and Institutional Focus
The combined company is expected to list on Nasdaq in early 2026, pending shareholder and regulatory approval. Once live, AVAT plans to acquire over $1 billion worth of AVAX, establishing itself as a premier public vehicle for institutional exposure to Avalanche.
Funds will also be directed toward protocol-level investments, enterprise collaborations, and validator infrastructure, further strengthening Avalanche’s position in the blockchain space.
The firm intends to launch at a 0.77x mNAV entry point, effectively giving investors a 23% discount compared to acquiring AVAX directly or through ETF-style products.
CEO: Moving Beyond Passive Exposure
AVAT CEO Bart Smith emphasized that many institutions face barriers when entering the digital asset market:
“Traditional players are often limited to holding tokens without yield or integration. We built Avalanche Treasury Co. to deliver something far more strategic than passive exposure,” he said. “This is a public company designed as an active partner within Avalanche, aligning deeply with the network itself.”
Leadership and Avalanche Integration
AVAT’s leadership blends Wall Street expertise with crypto-native experience. CEO Bart Smith, a former Susquehanna International Group and AllianceBernstein executive, is joined by COO Laine Litman (ex-HiddenRoad, Virtu Financial) and CSO Budd White of Multisig Labs.
The company will also benefit from direct ties to Avalanche’s leadership. Ava Labs founder Emin Gün Sirer will join as a strategic advisor, and John Nahas, Ava Labs’ Chief Business Officer, will serve on the company’s public board.
Sirer praised the development:
“We’re delighted to see AVAT join the Avalanche ecosystem. Their arrival reflects the growing sophistication and momentum behind Avalanche’s future.”
High-Profile Advisory Network
AVAT’s advisory lineup includes Aave founder Stani Kulechov and Dragonfly Capital Managing Partner Haseeb Qureshi, while the board will feature MLAC CEO Paul Grinberg and Dragonfly General Partner Rob Hadick.
Expanding the Avalanche Treasury Ecosystem
With this move, AVAT joins an expanding list of digital asset treasury initiatives built around AVAX, including the Anthony Scaramucci-backed AVAX DAT and AgriFORCE Growing Systems. The deal highlights Avalanche’s growing role as a hub for institutional-grade crypto exposure.
