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In a bold step bridging Wall Street and blockchain, Mountain Lake Acquisition Corp. announced plans to merge with Avalanche Treasury Co., a crypto treasury firm focused on the Avalanche ecosystem, in a $675 million SPAC deal guided by four powerhouse law firms.

The move is designed to create a publicly traded vehicle offering institutions streamlined access to Avalanche’s AVAX token — a leap that could make Avalanche Treasury Co. a cornerstone of the rapidly expanding crypto infrastructure.

AVAT to Debut on Nasdaq in 2026

Pending regulatory and shareholder approval, Avalanche Treasury Co. will list on the Nasdaq under ticker AVAT in the first quarter of 2026. The deal allocates roughly $460 million toward a crypto investment strategy centered on AVAX, including a discounted purchase agreement and a strategic partnership with Avalanche’s core developers.

According to the announcement, the newly formed company aims to hold over $1 billion worth of AVAX post-listing, positioning it as “a foundational partner in the growing ecosystem and a leading public vehicle for institutional AVAX exposure.”

“Beyond Passive Exposure” — A Vision for Institutional Crypto

“Avalanche Treasury Co. was built for institutions seeking more than passive crypto exposure,” said CEO Bart Smith, a veteran of Susquehanna International Group and AllianceBernstein. “Many institutions struggle to access digital assets or are restricted to holding native tokens without yield or integration. We’re offering something more valuable — deep ecosystem engagement.”

Smith’s leadership bridges traditional finance with decentralized technology, signaling confidence in the long-term value of tokenized treasuries.

Ava Labs Founders Join Advisory Board

In a testament to the partnership’s depth, the advisory board will feature Ava Labs founder Emin Gün Sirer and Chief Business Officer John Nahas, who will also sit on the company’s public board. The arrangement ensures “direct access to the ecosystem’s architects,” strengthening alignment between the treasury and Avalanche’s development team.

Legal and Financial Powerhouses Steering the Deal

The intricate merger is backed by some of the most prestigious firms in corporate law and finance:

• Skadden, Arps, Slate, Meagher & Flom LLP serves as legal counsel to Avalanche Treasury Co. with a team led by Lorenzo Corte, Ryan Dzierniejko, Angelo Malvestio, Danielle Haddad, and others.

• Davis Polk & Wardwell LLP advises PJT Partners and Barclays, who acted as joint financial advisers and placement agents.

• Sidley Austin LLP, led by Lilya Tessler, Sonia Gupta Barros, and David Stewart, represents the Avalanche Foundation, a nonprofit committed to expanding the blockchain’s reach.

• Ellenoff Grossman & Schole LLP, guided by Douglas Ellenoff and Stuart Neuhauser, advises Mountain Lake Acquisition Corp.

Capital Deployment and Ecosystem Growth

According to the announcement, Avalanche Treasury Co. plans to deploy capital directly into the Avalanche network, funding protocol improvements, enterprise collaborations, and project launches. It will also provide liquidity and resources to accelerate transaction growth and expand adoption across industries.

Crypto treasury firms like Avalanche Treasury have seen a meteoric rise as public entities increasingly pivot to digital asset accumulation strategies. These companies aim to give investors regulated, transparent pathways into blockchain ecosystems — a bridge between traditional finance and Web3 innovation.