Avalanche Treasury Co to merge with MLAC in $675M deal

The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026

by Blockworks /
article-image

s_maria/Shutterstock and Adobe modified by Blockworks

share

Avalanche Treasury Co. (AVAT), a digital asset treasury firm aligned with the Avalanche Foundation will merge with Mountain Lake Acquisition Corp. (Nasdaq: MLAC) in a business combination valued at more than $675 million.

The deal, which includes about $460 million in treasury assets, is expected to close in the first quarter of 2026 pending regulatory and shareholder approvals, with the combined company slated to list on Nasdaq.

The transaction gives institutional investors a new pathway to gain AVAX exposure through a public vehicle. AVAT’s launch strategy includes discounted token purchases and priority rights on Avalanche Foundation sales to US treasury companies, offering an entry point at 0.77x multiple of net asset value.

The firm aims to expand its holdings to more than $1 billion in AVAX, positioning itself as a key partner in Avalanche’s growing ecosystem, according to the company’s press release.

Advisors and board members include Avalanche founder Emin Gün Sirer, Ava Labs executive John Nahas, and representatives from Dragonfly Capital, Galaxy Digital and Aave. 

CEO Bart Smith, formerly of Susquehanna International Group and AllianceBernstein, said the company intends to deploy capital actively across ecosystem initiatives, including real-world asset tokenization, stablecoin infrastructure and validator operations.

This is a developing story.


This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

allora-image.png

Research

Decentralized AI coordination networks solve crypto's growing architectural mismatch: applications built on trustless infrastructure shouldn't depend on centralized intelligence providers. By turning model outputs into competitive marketplaces, protocols like Allora are building the permissionless intelligence layer that AI-powered DeFi and autonomous agents require.

article-image

Futuristic DeFi is stuck inside the computer. An old idea might be its escape hatch

article-image

Money market indicators are flashing liquidity stress again as crypto underperforms equities

article-image

From passageways to penumbras: a history of private life

article-image

BTC’s Asia-session move and Ethena’s weaker yields reflect a market adjusting to tighter yen funding and softer derivatives carry

article-image

What Monad’s launch, MegaETH pre-market pricing, and the Berachain refund story say about today’s infra market

article-image

Prediction markets are hitting record volumes, while Neutrl opens one of crypto’s most overlooked yield opportunities