New York — Avalanche Treasury Co. (AVAT), a digital asset treasury company aligned with the Avalanche Foundation, has entered into a $675 million+ business combination with Mountain Lake Acquisition Corp. (Nasdaq: MLAC). —

The deal, which includes approximately $460 million in treasury assets, positions AVAT to become one of the largest publicly listed vehicles for $AVAXexposure, with a goal of building a $1 billion+ ecosystem treasury.

The transaction is expected to close in Q1 2026, after which the combined company plans to list on Nasdaq, pending shareholder and regulatory approval.
Exclusive Access to Avalanche
At launch, AVAT will purchase $200 million worth of $AVAXtokens at a discount to market price, with an 18-month priority right to acquire further tokens directly from the Avalanche Foundation. This exclusive arrangement gives U.S.-based institutional investors a rare pathway into the Avalanche ecosystem.
AVAT’s entry point also offers compelling economics: a 0.77x multiple of net asset value (mNAV), translating to a 23% discount compared to buying $AVAXdirectly or through passive ETF alternatives.
“Many institutions struggle to access digital assets beyond passive exposure. Avalanche Treasury Co. is designed as an active, strategic partner in the network — not just a token holder. Our goal is to create alignment between institutional investors and the Avalanche ecosystem itself.”
Bart Smith, CEO of AVAT
A $1 Billion+ Treasury Strategy
AVAT’s capital plan aims to grow its $AVAXholdings to over $1 billion post-listing, making it one of the most influential participants in the Avalanche economy. Capital will be deployed across three strategic pillars:
Protocol investments that drive adoption and transaction flow.
Partnerships with enterprises launching on-chain solutions for RWAs, stablecoins, and payments.
Direct support for institutional L1 launches, including validator resources and liquidity.
“This team and advisory group have the institutional credibility and crypto-native expertise to execute at scale,” said Paul Grinberg, Chairman & CEO of MLAC. “Avalanche’s multi-L1 architecture addresses enterprise needs in ways other protocols can’t. What excites us is AVAT’s mandate to build an active treasury that drives token utility and adoption.”
Backed by Wall Street and Crypto Leaders
AVAT’s leadership blends Wall Street pedigree with crypto-native experience:
Bart Smith, CEO — former Susquehanna International Group and AllianceBernstein executive, early pioneer in institutional digital asset trading.
Laine Litman, COO — former President of HiddenRoad and Head of FI & FX, Co-Head of Crypto at Virtu Financial.
Budd White, CSO — former Chief Product Officer at Multisig Labs.
The advisory board bridges finance, crypto, and media: Emin Gün Sirer (Founder, Ava Labs), John Nahas (Chief Business Officer, Ava Labs), Haseeb Qureshi (Dragonfly), Jason Yanowitz (Blockworks), and Stani Kulechov (Aave). The board of directors will include Rob Hadick (Dragonfly GP) and Paul Grinberg (MLAC & Axos Financial).
“We’re honored to support AVAT as a strategic advisor. Their participation shows how Avalanche is becoming the blockchain of choice for sophisticated institutions.”
Emin Gün Sirer, Founder, Ava Labs
The deal has drawn heavyweight backers across traditional finance and crypto: Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, Kraken, FalconX, IMC, Borderless, Hunting Hill, and others. FalconX will provide execution and credit services, while Monarq will manage AVAT’s assets with institutional-grade portfolio expertise.
This diverse mix of asset managers, venture firms, and ecosystem players underscores the broad conviction behind AVAT’s mission.
Why Now?
Avalanche has emerged as an enterprise blockchain leader, powering applications for major corporations, financial institutions, and even government entities. Its multi-L1 architecture allows institutions to launch custom blockchains while maintaining interoperability — a design many believe is critical for real-world adoption.
With regulatory clarity on the horizon, AVAT’s model aims to deliver something traditional ETFs cannot: active ecosystem participation that drives growth while providing investors with discounted exposure.
“Our purpose is to serve as a growth engine for the entire Avalanche ecosystem. When the network grows stronger, our treasury grows more valuable. We are building a company where our success and Avalanche’s success are inseparable.”
Bart Smith, CEO of AVAT
Context from Earlier $AVAXTreasury Moves
This announcement builds on momentum already underway in the $AVAXspace. In September, we reported on how Anthony Scaramucci and Hivemind backed a $550M $AVAX-focused treasury initiative, premised on the accelerating wave of tokenization in crypto. Read that full story here.
That move, along with today’s merger, signals a shift in how the market views ecosystem treasuries — not just as passive holders, but as active infrastructure participants driving growth, utility, and alignment between institutions and protocols.

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