Avalanche Treasury Co. (AVAT) has revealed a major $675+ million SPAC merger with Mountain Lake Acquisition Corp. (MLAC), targeting a $1 billion ecosystem treasury. Backed by the Avalanche Foundation, AVAT starts with a $200 million discounted token sale and aims for Nasdaq listing in early 2026, pending regulatory approval.
The company launches with approximately $460 million in treasury assets from private placement, offering investors a discounted entry at 0.77 times net asset value—about 23% below direct token purchases or ETF options. MLAC shares rose 2% premarket, while AVAX price remained stable despite broader crypto market gains.
CEO Bart Smith positions AVAT as an active institutional partner in the Avalanche network, not just passive exposure. The strategy focuses on growing to a $1 billion treasury by investing directly in ecosystem development, protocol adoption, enterprise blockchain activity, and institutional launches.
Emin Gün Sirer, Ava Labs founder, joins as strategic advisor, with Chief Business Officer John Nahas on the board. Advisory board includes Dragonfly's Haseeb Qureshi, Blockworks CEO Jason Yanowitz, and Aave founder Stani Kulechov.
Institutional investors include Dragonfly, ParaFi, VanEck, Galaxy Digital, Pantera, CoinFund, and Kraken. FalconX handles execution/credit, with Monarq managing assets. The team features Wall Street veterans from Susquehanna, AllianceBernstein, Hidden Road, and Virtu Financial.
The deal, expected to close in Q1 2026, comes as regulatory clarity for institutional crypto adoption improves, with Avalanche emerging as a preferred blockchain for enterprise applications. The Financial Times recently reported Avalanche Foundation's plans to raise $1 billion for two crypto treasury companies.