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Avalanche Treasury Co. (AVAT) has announced a $675 million business combination with Mountain Lake Acquisition Corp. (Nasdaq: MLAC), creating what could become the largest public vehicle for AVAX exposure. The deal includes about $460 million in treasury assets, with plans to list on Nasdaq in the first quarter of 2026, subject to approvals.
Exclusive Avalanche Partnership
AVAT will operate with an exclusive relationship with the Avalanche Foundation. At launch, the company will purchase $200 million worth of AVAX tokens at a discount and hold an 18-month priority to buy additional tokens from the foundation. The goal is to build a $1 billion treasury, positioning AVAT as a cornerstone investor in the Avalanche ecosystem.
Investor Entry Point
The company offers entry at 0.77 times net asset value, a 23% discount to buying AVAX directly or through exchange-traded products. Executives argue that the structure gives institutions a way to gain exposure to Avalanche while also supporting ecosystem growth rather than holding tokens passively.
Strategic Backing
The combined board will include Avalanche founder Emin Gün Sirer as a strategic advisor and Ava Labs executive John Nahas as a director. The advisory group features figures from Dragonfly Capital, Aave, and Blockworks, reflecting a mix of finance and crypto backgrounds. Institutional investors including VanEck, Galaxy Digital, Pantera, and ParaFi Capital are backing the deal.
Building Beyond Treasury
Unlike traditional crypto investment vehicles, AVAT plans to deploy funds directly into projects that use Avalanche. This includes validator infrastructure, enterprise partnerships, and protocol investments to expand real-world asset tokenization and payments. Executives say the approach ties AVAT’s success to Avalanche’s long-term adoption and growth.
If approved, the transaction will close in early 2026, creating a new publicly traded company aligned with the Avalanche ecosystem and aiming to accelerate institutional adoption of AVAX.