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- AVAT agrees to a $675 million business combination with MLAC.
- The deal creates a new public vehicle for AVAX exposure.
- Nasdaq listing targeted for Q1 2026.
Avalanche Treasury Co. (AVAT) confirmed a definitive agreement with Mountain Lake Acquisition Corp. (MLAC) worth more than $675 million. The transaction includes about $460 million in treasury assets, designed to build a leading public vehicle for exposure to AVAX, the native Avalanche token.
The combined company expects to list on Nasdaq in early 2026, subject to regulatory and shareholder approval. AVAT aims to create a bridge between traditional finance and blockchain adoption.
Institutions often face hurdles when trying to access digital assets, and AVAT presents itself as a direct and structured entry point. Investors will receive discounted exposure compared to buying AVAX directly or through passive ETFs.
Focus on Stablecoins and Tokenized Assets
The launch begins with an initial AVAX token purchase at a discount to market price. AVAT also secured an 18-month priority to purchase tokens directly from the Avalanche Foundation, giving it a significant advantage.
The structure provides an entry multiple of 0.77x net asset value, roughly a 23 percent discount against other market options. AVAT’s goal is ambitious. The company intends to hold more than $1 billion worth of AVAX once it becomes public.
This would make it a foundational partner in the network, while creating stronger alignment between its growth and Avalanche’s ecosystem. Capital raised will not sit idle. Instead, AVAT plans to deploy funds into protocol investments, enterprise partnerships, and validator support.
This approach separates AVAT from passive holding strategies. Rather than only storing tokens, the company seeks to drive utility and adoption across the ecosystem. That includes helping enterprises build blockchain rails for payments, stablecoins, and tokenized assets.
Avalanche Gains Momentum with Enterprise Adoption
The combined company will include leaders with backgrounds in both Wall Street and crypto. Bart Smith, AVAT’s CEO, has decades of experience in traditional markets. He is joined by executives from top firms in finance and digital assets. Emin Gün Sirer, founder of Ava Labs, will serve as a strategic advisor, while Ava Labs’ John Nahas joins the board.
AVAT also attracted strong institutional backing. Investors include Galaxy Digital, Pantera Capital, ParaFi, VanEck, Kraken, and Dragonfly. FalconX will provide trading and credit services, while Monarq will manage treasury assets with institutional-grade oversight.
The announcement arrives as regulators move closer to clarifying digital asset frameworks. Avalanche has gained recognition as an enterprise blockchain, with corporations and governments adopting its multi-chain design. By combining capital markets expertise with ecosystem alignment, AVAT seeks to strengthen Avalanche’s long-term position.
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