Avalanche Treasury Lists on Nasdaq, Shares Fall 16%

The Avalanche Treasury Company debuted on Nasdaq under the ticker AVAT and closed down 16% on its first day. The listing followed a merger with SPAC Mountain Lake Acquisition in a $675 million deal first announced in October. Backed by institutional investors including Dragonfly, Pantera, ParaFi Capital, VanEck, Galaxy Digital and Kraken, the company offers exposure to the Avalanche blockchain ecosystem without holding the native cryptocurrency.

Bart Smith, Avalanche Treasury CEO and a former Susquehanna executive, said the vehicle wasn’t a bet on price, but an investment that 'represents meaningful potential for the repositioning of institutional finance.' Avalanche launched in 2020 using proof-of-stake consensus, with a multi-chain architecture and high throughput.

More than 550 projects are building on the network, with over $1 billion in institutional funds deployed and more than $1.65 billion in real-world assets tokenized on the platform.

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