PANews reported on October 2nd that the newly formed Avalanche Treasury Inc. (AVAT) announced it has entered into a definitive business merger agreement with Mountain Lake Acquisition Corp., a SPAC, in a transaction valued at over $675 million. The combined company is expected to list on the Nasdaq in early 2026, aiming to become the primary listing vehicle for institutional investment in AVAX.

The transaction includes a $200 million discounted purchase option for AVAX from the Avalanche Foundation, with the long-term goal of acquiring AVAX at a value of over $1 billion. The transaction attracted investments from several prominent institutions, including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, and Kraken.

It is worth noting that Ava Labs founder Emin Gün Sirer will serve as a strategic advisor to AVAT, and its chief business officer John Nahas will join the board of directors of the listed company, demonstrating deep integration with the Avalanche core team.