The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026
s_maria/Shutterstock and Adobe modified by Blockworks
Avalanche Treasury Co. (AVAT), a digital asset treasury firm aligned with the Avalanche Foundation will merge with Mountain Lake Acquisition Corp. (Nasdaq: MLAC) in a business combination valued at more than $675 million.
The deal, which includes about $460 million in treasury assets, is expected to close in the first quarter of 2026 pending regulatory and shareholder approvals, with the combined company slated to list on Nasdaq.
The transaction gives institutional investors a new pathway to gain AVAX exposure through a public vehicle. AVAT’s launch strategy includes discounted token purchases and priority rights on Avalanche Foundation sales to US treasury companies, offering an entry point at 0.77x multiple of net asset value.
The firm aims to expand its holdings to more than $1 billion in AVAX, positioning itself as a key partner in Avalanche’s growing ecosystem, according to the company’s press release.
Advisors and board members include Avalanche founder Emin Gün Sirer, Ava Labs executive John Nahas, and representatives from Dragonfly Capital, Galaxy Digital and Aave.
CEO Bart Smith, formerly of Susquehanna International Group and AllianceBernstein, said the company intends to deploy capital actively across ecosystem initiatives, including real-world asset tokenization, stablecoin infrastructure and validator operations.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- The Drop: Apps, games, memes and more.
- Lightspeed: All things Solana.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
Decoding crypto and the markets. Daily, with Byron Gilliam.
Javits Center North | 445 11th Ave
Tues – Thurs, March 24 – 26, 2026
Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
Mon – Wed, October 13 – 15, 2025
Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.
Research
Institutional staking providers specialize in offering secure, compliant, and scalable solutions for organizations, asset managers, and individuals who wish to stake large volumes of digital assets. Staking-as-a-Service Providers (SaaSPs) act as intermediaries, running blockchain nodes and managing the technical complexities of staking on behalf of clients, often providing custody, reporting, and yield optimization features across a broad range of assets and networks.
news
Breaking headlines across our core coverage categories.
The market remains rangebound and perps gain popularity
Hashdex CIO says firm’s crypto index fund could one day hold 200 assets
The deal seeks to boost CoinShares’ US expansion and integrates Bastion’s quantitative strategies into its digital asset platform
The defense argues DOJ is criminalizing open-source code and violating First Amendment protections in landmark crypto case
One issuer reported “high conviction” Solana ETFs would be approved in the first half of October
Should Congress not pass a budget, the SEC will be operating with a skeleton staff starting Wednesday
