Avalanche Treasury Merges With Mountain Lake in $675M Deal

Avalanche Treasury Joins Forces With Mountain Lake in $675 Million Merger

Avalanche Treasury Co. has announced a landmark merger with Mountain Lake Acquisition Corp., a deal valued at over $675 million. Experts are calling it one of the largest SPAC agreements involving cryptocurrency players to date. This merger marks a significant milestone for institutional access to AVAX and the broader Avalanche ecosystem.

The agreement includes approximately $460 million in treasury assets and a $200 million discounted offer from the Avalanche Foundation to acquire AVAX. In addition, it provides a priority window for transactions with U.S. Treasury companies.

Building the Largest Institutional AVAX Platform

The combined entity aims to become the largest publicly traded instrument for institutional investors seeking exposure to AVAX. The project has received backing from top crypto investors and funds including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, and Kraken.

FalconX will handle trading and lending services, while Monarq will manage parts of the investment portfolio. PJT Partners and Barclays acted as financial advisors for the transaction, with Skadden and Davis Polk providing legal support.

Avalanche Treasury (AVAT) shares are expected to start trading on Nasdaq in early 2026. The company plans to acquire over $1 billion worth of AVAX in the coming years, with additional investments earmarked for validator infrastructure, protocols, and corporate partnerships.

Leadership and Advisory Board

Avalanche Treasury CEO Bart Smith emphasized that the company’s mission is to offer investors active participation in the Avalanche ecosystem rather than passive token ownership. AVAT will launch at 0.77x its net asset value (mNAV), giving investors a 23% discount compared to purchasing AVAX directly.

The leadership team includes Wall Street and crypto experts Lane Litman and Budd White. Emin Gün Sirer and John Nahas from Ava Labs, Stani Kulechov from Aave, and Dragonfly partner Haseeb Qureshi will serve as advisors and board members.

The merger underscores Avalanche’s commitment to building institutional infrastructure for digital asset management. Avalanche Treasury is positioned as a strategic partner of the network and a major public investment instrument within the ecosystem.