PANews reported on June 12 that, according to CNBC, Avalanche Treasury, a treasury focused on the Avalanche ecosystem, has officially listed on Nasdaq under the ticker symbol AVAT. Led by former Susquehanna and Alliance Bernstein executive Bart Smith, the company went public through a $675 million merger with SPAC Mountain Lake Acquisition Corp.

Unlike most reserve companies that only hold crypto assets, the Avalanche Treasury allocates its funds to Avalanche network infrastructure, applications, and ecosystem projects, rather than simply hoarding AVAX tokens, attempting to generate additional returns through staking rewards, ecosystem investments, and capital allocation. AVAT currently holds approximately 15 million AVAX tokens, representing about 3.5% of the circulating supply.