Haciyev Reşit 
Avalanche Treasury Co. (AVAT), a digital asset treasury company designed to strengthen the Avalanche ecosystem, is preparing to go public on Nasdaq through a $675 million merger with Mountain Lake Acquisition Corp. (MLAC). The move aims to create new opportunities for AVAX investors and facilitate direct access for institutional investors to AVAX assets.
The merger includes approximately $460 million in treasury assets post-private placement and is intended to create a public vehicle for investors seeking exposure to AVAX. The Nasdaq listing is expected in Q1 2026, following regulatory approvals.
Public Listing and AVAX Investment
AVAT targets accumulating over $1 billion in AVAX after going public. Operating in close partnership with the Avalanche Foundation, AVAT will start with a discounted initial purchase of AVAX tokens. The company also benefits from an 18-month priority window for AVAX sales allocated to U.S. digital asset treasury companies by the Foundation.
This structure offers investors visibility at a 0.77x NAV multiple, providing an entry opportunity roughly 23% cheaper than direct AVAX or alternative ETF products.
AVAT CEO Bart Smith commented:
“Many institutions face challenges accessing digital assets or are limited to holding tokens without yield or ecosystem integration. We founded Avalanche Treasury Co. to provide a solution that delivers more value than passive risk.”
Institutional Investors and Advisors
AVAT has support from experienced figures and institutional investors within the Avalanche ecosystem:
- Emin Gün Sirer, founder of Ava Labs, acts as a strategic advisor, contributing to the public listing process and expressing enthusiasm for AVAT joining the Avalanche ecosystem.
- John Nahas joins the board of the public company.
- Paul Grinberg, MLAC President & CEO, emphasizes AVAT’s vision of an active treasury guiding token use and adoption.
The deal also received backing from top institutional investors including Dragonfly, ParaFi Capital, VanEck, FalconX, Galaxy Digital, Pantera Capital, CoinFund, IMC, and Kraken. FalconX will provide execution and credit services, while Monarq will serve as asset manager for AVAT.
Analysis and Market Impact
The public listing of Avalanche Treasury Co. is expected to increase institutional access and market liquidity for AVAX. This step will accelerate growth in the Avalanche ecosystem, offering investors discounted token access along with ecosystem integration. With AVAT going public, long-term adoption of AVAX and associated ecosystem benefits are likely to strengthen.