TLDR
- Avalanche Treasury Co. is merging with Mountain Lake Acquisition Corp. in a deal valued at over $675 million, one of the largest crypto-aligned SPAC transactions to date.
- The company will start with approximately $460 million in treasury assets and has secured an exclusive $200 million discounted AVAX purchase allocation from the Avalanche Foundation.
- AVAT has backing from major investors including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, and Kraken.
- The combined company expects to trade on Nasdaq in early 2026 and aims to build an AVAX treasury exceeding $1 billion over time.
- AVAT will offer investors a 23% discount compared to buying AVAX directly or through ETF alternatives, with a 0.77x mNAV entry point.
Avalanche Treasury Co. announced a definitive merger agreement with Mountain Lake Acquisition Corp. on Wednesday. The deal is valued at more than $675 million.
📰 Today in money
➡️Avalanche Treasury Co. to Go Public via $675M SPAC, Eyes $1B AVAX Holdings
Avalanche Treasury Co. (AVAT) is merging with SPAC Mountain Lake Acquisition Corp. in a deal pegged at $675 million, aiming to list on Nasdaq in early 2026.
The new entity is… pic.twitter.com/j3dpwohUAb
— Mannie🧊 (@Metamannie) October 2, 2025
The transaction represents one of the largest crypto-aligned SPAC deals recorded to date. It includes approximately $460 million in projected treasury assets at closing.
AVAT has secured an exclusive $200 million discounted AVAX token purchase allocation through the Avalanche Foundation. The company also received an 18-month priority window on Avalanche Foundation sales to U.S. digital asset treasury companies.
The merger has attracted a diverse group of investors from both traditional finance and crypto sectors. Backers include Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, and Kraken.
FalconX will provide trading and credit services for the company. Monarq will manage portions of the treasury portfolio.
PJT Partners and Barclays are serving as financial advisors to AVAT. Skadden and Davis Polk are providing legal counsel.
The combined company is expected to begin trading on Nasdaq in early 2026. The listing is pending regulatory and shareholder approval.
AVAT has set a target of acquiring more than $1 billion worth of AVAX over time. The company plans to position itself as a leading public vehicle for institutional exposure to the cryptocurrency.
Capital will be deployed across multiple areas within the Avalanche ecosystem. These include protocol investments, enterprise partnerships, and validator infrastructure.
Leadership and Advisory Team
CEO Bart Smith brings experience from Susquehanna International Group and AllianceBernstein. COO Laine Litman previously worked at HiddenRoad and Virtu Financial.
CSO Budd White comes from Multisig Labs. The leadership team combines Wall Street expertise with crypto industry knowledge.
Ava Labs founder Emin Gün Sirer will join as a strategic advisor. Chief Business Officer John Nahas will take a seat on the public company board.
The advisory board includes Aave founder Stani Kulechov and Dragonfly Capital Managing Partner Haseeb Qureshi. Blockworks CEO Jason Yanowitz will also serve as an advisor.
Investment Structure
AVAT plans to launch at a 0.77x mNAV entry point. This offers investors a 23% discount relative to buying AVAX directly or through exchange-traded fund alternatives.
The company will start with about $460 million in treasury assets funded through private placement. Mountain Lake Acquisition Corp. is up 2% in premarket trading following the announcement.
AVAX token prices remained flat over the 24-hour period following the announcement. The deal is expected to close in the first quarter of 2026.
