Crowds walk through Midtown Manhattan on October 16, 2025 in New York City.
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Avalanche Treasury Company, one of the latest publicly traded companies built around a crypto treasury strategy, is set to begin trading on the Nasdaq on Thursday under the ticker AVAT.
The company, led by former Susquehanna and AllianceBernstein executive Bert Smith, was created to accelerate adoption and growth of the Avalanche ecosystem by allocating capital across the Avalanche network’s infrastructure and applications, rather than simply stockpiling the blockchain’s native AVAX tokens on its balance sheet. It merged with special acquisition company (SPAC) Mountain Lake Acquisition Corporation in a $675 million deal first announced in October.
AVAT’s listing comes as crypto treasury companies that exploded onto the market last year are facing increasing pressure to differentiate themselves amid a prolonged slump in crypto prices.
Early financial instruments focused on accumulating a single token and acting as a proxy for the price of that token. New entrants seek to justify premium valuations by generating returns through aggressive capital allocation strategies, revenue bets, and ecosystem investments.
Avalanche is a 6-year-old blockchain built for business. Unlike many networks that primarily target retail traders, Ava Labs, the company that helped develop Avalanche, has long pursued financial institutions interested in tokenizing real-world assets and migrating traditional financial infrastructure to blockchain rails.
Users include BlackRock, Franklin Templeton, Apollo, FIFA, and Wyoming.
Rob Haddick, general partner at Dragonfly, an investor in the new company, said: “We believe the next phase of enterprise adoption will be driven by structured means of putting capital to work within critical ecosystems.”
“Avalanche has earned its place as the enterprise blockchain of choice, and we believe the Treasury’s listing vehicle will give financial institutions a much-needed entry point. AVAT provides regulated, structured access to blockchain infrastructure aimed at rewiring global finance,” Haddick said.
Approximately 550 projects have been built on the Avalanche network, with over $1.65 billion in real-world assets tokenized. According to CoinGecko, its AVAX token is the 33rd largest by market capitalization.
Avalanche Treasury Co. owns approximately 15 million tokens, which represents approximately 3.5% of the circulating supply.
