Avalanche Treasury Co. falls 16% as it debuts on Nasdaq
Summary
Avalanche Treasury Company debuted on Nasdaq as AVAT after a $675 million SPAC merger with Mountain Lake Acquisition, but shares fell 16% on day one, closing at $1.85. Backed by firms including Dragonfly, Pantera, ParaFi, VanEck, Galaxy Digital, and Kraken, it aims to give investors exposure to Avalanche’s ecosystem without directly holding AVAX. CEO Bart Smith framed it as a long-term institutional finance play rather than a price bet. Avalanche, launched in 2020, now has 550+ projects, over $1 billion in institutional funds deployed, and $1.65 billion in tokenized real-world assets. The debut came amid weakness in crypto treasury companies and a broader downturn in AVAX and altcoins.
