Avalanche Treasury Co. (AVAT) is a public SPAC-backed vehicle formed through a $675M business combination that holds discounted AVAX (a $200M tranche at ~23% discount) and has 18-month priority access to Avalanche Foundation token sales to scale holdings and deploy capital on-chain.
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$200M AVAX bought at 0.77x NAV, ~23% discount
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18-month priority rights on Avalanche Foundation token sales for U.S. treasury entities
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Planned deployment across protocol investments, partnerships, and validator support
Avalanche Treasury Co. secures $675M deal to build public AVAX vehicle with discounted token access and institutional backing.
Meta description: Avalanche Treasury Co. (AVAT) secures $675M SPAC deal to create a public AVAX vehicle with discounted AVAX entry. Learn how to access exposure.
What is Avalanche Treasury Co. (AVAT) and why does it matter?
Avalanche Treasury Co. (AVAT) is a SPAC-backed public vehicle formed via a $675 million business combination designed to provide investors direct exposure to AVAX through a listed entity. The transaction includes an initial $200M AVAX purchase at a reported 0.77x net asset value entry and aims to grow treasury holdings above $1 billion.
How did AVAT secure discounted AVAX and what are the terms?
AVAT executed a $200 million AVAX purchase below prevailing market prices, reflecting a 0.77x multiple of net asset value — approximately a 23% discount relative to direct token purchases or passive products. The deal also transfers about $460 million in treasury assets from equity financing to the combined entity. The structure includes 18-month priority access to Avalanche Foundation token sales for U.S. treasury entities, enabling staged accumulation.
Avalanche Treasury Co. (AVAT) announced a $675M business combination with Nasdaq SPAC Mountain Lake Acquisition Corp. (MLAC), including ~$460M in treasury assets. AVAT has already purchased $200M of AVAX at a discount with 18-month priority rights and targets holding over $1B in…
— Wu Blockchain — October 2, 2025
Why will AVAT target active deployment rather than passive custody?
AVAT executives say the vehicle’s mandate emphasizes active token deployment to generate network utility and adoption rather than simple custody. The company listed three capital allocation pillars: direct protocol investments to drive on-chain activity, partnerships for tokenized asset and payment initiatives, and validator resources plus liquidity support for new institutional blockchains within the Avalanche ecosystem.
Who is on the advisory board and what expertise do they bring?
The advisory board mixes crypto founders and institutional operators: Emin Gün Sirer (Avalanche founder) as strategic advisor; John Nahas (Avalanche Chief Business Officer); Haseeb Qureshi (Dragonfly Capital); Jason Yanowitz (Blockworks); and Stani Kulechov (Aave founder). Mountain Lake CEO Paul Grinberg emphasized AVAT’s operational role in converting treasury holdings into active network participation.
When is AVAT expected to list and what are the next steps?
The combined company expects a Nasdaq listing in early 2026, subject to shareholder and regulatory approval. Upon closing, AVAT plans to accelerate its AVAX accumulation strategy, activate capital deployment across its three pillars, and establish validator infrastructure to support network growth.
Frequently Asked Questions
How much AVAX does AVAT plan to hold long-term?
The company has stated a long-term target to exceed $1 billion in AVAX holdings after the public listing, achieved through both discounted purchases and priority access to future Foundation token sales.
Can retail investors gain exposure via AVAT once listed?
Once AVAT lists on Nasdaq, typical public market mechanisms (shares) should allow retail investor exposure to an AVAX-focused treasury vehicle without direct crypto custody, subject to standard brokerage availability and regulatory conditions.
Key Takeaways
- Discounted Entry: AVAT purchased $200M in AVAX at 0.77x NAV (~23% discount).
- Priority Access: 18-month rights on Avalanche Foundation token sales boost accumulation potential.
- Active Mandate: Capital will be deployed across protocol investments, partnerships, and validator support to create network utility.
Conclusion
AVAT’s $675M SPAC transaction creates a new public avenue for AVAX exposure, combining a reported $200M discounted AVAX tranche, priority Foundation sale access, and an active deployment mandate. COINOTAG will monitor listing progress and capital allocation updates as AVAT moves toward a planned Nasdaq listing in early 2026.
