Avalanche Treasury Co. to Go Public in $675M SPAC Deal, Plans to Buy Over $1B in AVAX

Avalanche Treasury Co, a newly formed digital asset treasury firm aligned with the Avalanche blockchain, has announced a definitive agreement to go public through a $675 million merger with Mountain Lake Acquisition Corp. (MLAC), one of the largest crypto-related SPAC transactions to date.

The merged entity, which plans to list on Nasdaq under the ticker “AVAT” in the first quarter of 2026, is backed by a high-profile roster of investors, including Dragonfly, Galaxy Digital, VanEck, Pantera Capital, Kraken, and CoinFund. Legal and financial advisory support is being provided by Skadden, Davis Polk, PJT Partners, and Barclays.

Introducing Avalanche Treasury Co: the premiere way to get regulated AVAX exposure.

We’re the institutional growth engine for the @avax ecosystem, with an exclusive relationship with Avalanche itself.

Funding builders. Accelerating technologies. Bringing institutions to AVAX. pic.twitter.com/UST5jwCXjR

— Avalanche Treasury Co. (@avat_co) October 1, 2025

Strategic exposure to AVAX

At the core of AVAT’s mission is an ambitious goal: acquiring over $1 billion worth of AVAX, the native token of the Avalanche blockchain. AVAT will initially launch with approximately $460 million in treasury assets, including a discounted purchase agreement with the Avalanche Foundation and an 18-month priority window for future token acquisitions.

This structure offers a 0.77x multiple of net asset value (mNAV), which translates to a 23% discount compared to purchasing AVAX directly or through ETF-style products. 

Beyond passive exposure, AVAT aims to serve as an active growth engine within the Avalanche ecosystem. Plans include capital deployment into protocol investments, enterprise blockchain integrations, real-world asset tokenization, and validator infrastructure.

Building a public crypto-native treasury

Led by Bart Smith, a veteran of Susquehanna International Group and AllianceBernstein, AVAT brings together a leadership team with deep roots in both traditional finance and digital assets. Smith is joined by COO Laine Litman, formerly of Virtu Financial, and CSO Budd White of Multisig Labs. Here’s what Bart Smith said about the company’s plans:

“Our purpose is to serve as a growth engine for the entire ecosystem. We intend to deploy capital to empower the best builders and accelerate the most promising technologies on Avalanche.”

The company’s board and advisory panel reflect a strong mix of institutional and crypto-native expertise. Emin Gün Sirer, founder of Ava Labs, joins as a strategic advisor, while Avalanche’s Chief Business Officer John Nahas will sit on the board. Additional advisors include Aave founder Stani Kulechov and Dragonfly Capital’s Haseeb Qureshi.

Institutional access to the Avalanche ecosystem

AVAT’s formation comes as institutional interest in blockchain infrastructure continues to grow amid expectations of clearer regulatory frameworks. The company positions itself as a next-generation treasury vehicle, aiming to bridge the gap between traditional capital markets and on-chain innovation.

With execution support from FalconX and portfolio management by Monarq, AVAT plans to act not just as a buyer of AVAX, but as a strategic participant in the Avalanche network, enabling adoption and liquidity in a manner beyond what ETF wrappers or passive holding strategies offer.

AVAT joins a growing wave of digital asset treasury entities, including AgriFORCE’s rebranded AVAX One initiative. The success of these ventures will likely serve as a bellwether for the institutionalization of blockchain-native assets in public markets.