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Avalanche Treasury Co. (AVAT) inks a $675M+ merger with Mountain Lake Acquisition Corp.
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Package includes ~$460M projected treasury assets at close, a $200M discounted AVAX allocation from the Avalanche Foundation, and an 18-month priority window on foundation sales to U.S. DATs.
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AVAT aims to accumulate $1B+ of AVAX and launch at ~0.77x mNAV.
Deal Outline
AVAT struck a definitive combination with SPAC Mountain Lake, one of the largest crypto-aligned SPACs to date. Beyond ~$460M of projected closing assets, AVAT secured an exclusive $200M discounted AVAX allocation and priority access to future sales, plus equity considerations.
Investor Roster & Role
Backers include Dragonfly, ParaFi, VanEck, Galaxy Digital, Pantera, CoinFund, and Kraken. FalconX will provide trading/credit, while Monarq helps run parts of the treasury. PJT Partners and Barclays advise AVAT; Skadden and Davis Polk handle legal.
Strategy & Positioning
AVAT plans to acquire $1B+ of AVAX over time, deploy capital into validator infrastructure and protocol deals, and list on Nasdaq in early 2026 pending approvals. The firm pitches an “active, integrated” vehicle over passive token exposure, with an expected 0.77x mNAV entry.
Direct Ties to Avalanche
Ava Labs founder Emin Gün Sirer will advise; CBO John Nahas will join the public board. Other advisors include Stani Kulechov (Aave) and Haseeb Qureshi (Dragonfly). AVAT joins a growing group of AVAX-focused DATs, including Scaramucci-backed Avax One.
