New York, October 2, 2025: In a landmark move for institutional crypto adoption, Avalanche Treasury Co. (AVAT) has confirmed a $675 million business combination with Mountain Lake Acquisition Corp. (MLAC), a Nasdaq‑listed SPAC. The deal includes approximately $460 million in treasury assets and positions AVAT to become one of the largest institutional holders of Avalanche’s native token, $AVAX.
The business combination is valued at more than $675 million and will leave AVAT with around $460 million in treasury assets post‑financing. As part of the transaction, the company will make an initial $200 million purchase of AVAX at a discounted rate. It has also secured priority rights for an 18‑month period, giving U.S. treasuries exclusive access to Avalanche Foundation token sales. The company’s Nasdaq debut is expected in the first quarter of 2026, pending regulatory approvals.
The structure of the deal provides institutional investors with discounted access to AVAX at 0.77 times net asset value, representing a 23 percent cheaper entry point compared to direct token purchases or ETF alternatives.
AVAT’s long‑term goal is to accumulate more than $1 billion worth of AVAX after going public. Beyond passive holdings, the treasury intends to actively deploy capital into protocol investments to drive adoption and on‑chain activity, enterprise partnerships for tokenized assets, stablecoins, and payments, as well as validator infrastructure and liquidity support for institutional blockchains on Avalanche. Avalanche founder Emin Gün Sirer will serve as a strategic advisor, while Avalanche Chief Business Officer John Nahas will join the board, ensuring direct alignment with the ecosystem’s leadership.
The transaction has already attracted backing from major institutional investors, including Dragonfly, VanEck, Galaxy Digital, Pantera Capital, CoinFund, and Kraken. Following the announcement, the price of AVAX surged intraday, reflecting market optimism about the treasury’s role in strengthening token adoption and liquidity.
