Avalanche Treasury Co. has announced plans to go public through a SPAC merger and acquire over $1 billion worth of AVAX tokens. The company will merge with Mountain Lake Acquisition Corp. in a deal valued at more than $675 million, with a Nasdaq listing expected in early 2026.
The merged entity will trade under ticker symbol “AVAT,” subject to regulatory and shareholder approval. Emin Gün Sirer, founder and CEO of Ava Labs, will join as an adviser. This marks the second Ethereum treasury company focused on Avalanche, joining a wave of firms going public to hold cryptocurrencies.
Avalanche Treasury Co. secured an exclusive relationship with the Avalanche Foundation, which had reportedly planned to sell millions of tokens at discounted prices. The company’s initial capital raise will result in approximately $460 million in treasury assets funded. Backing comes from Dragonfly, VanEck, FalconX, Galaxy Digital, Pantera Capital, CoinFund and Kraken.
AVAX rose to an intraday high of $31.32 following the announcement before cooling to remain up 2.3% over 24 hours. The token has gained momentum as institutional interest builds around Ethereum Avalanche ecosystem investments. Former Susquehanna Crypto CEO Bart Smith was named CEO of Avalanche Treasury Co.
The company is planning activities beyond passive accumulation to generate revenue. It will deploy funds through targeted protocol investments, assist enterprises with tokenizing real‑world assets and stablecoins, and establish validator infrastructure. Smith stated the firm offers more value than passive exposure by enabling difficult institutional access to digital assets.
Avalanche Treasury Co. will launch with an initial token purchase at a discount to market price. The company secured an 18‑month priority on Avalanche Foundation sales to U.S. digital asset treasury companies. Officials tout a multiple of net asset value of 0.77, representing a 23% discount compared to buying tokens directly.
This announcement follows AgriFORCE Growing Systems’ rebranding as AVAX One in late September, with plans to purchase $700 million worth of tokens. The Ethereum SPAC structure provides another public market pathway for investors seeking Avalanche exposure. Mountain Lake Acquisition Corp. brings the vehicle to traditional markets.
At current prices around $30, the $1 billion would translate to approximately 34.7 million tokens. This represents roughly 8% of the 422.3 million tokens currently in circulation. Avalanche maintains a capped supply of 720 million AVAX, creating scarcity dynamics similar to Bitcoin’s fixed issuance model.