Avalanche Treasury’s AVAT shares tumble 38% on Nasdaq debut

Avalanche Treasury, the blockchain‑focused investment firm behind the Avalanche network, began trading on Nasdaq under the ticker AVAT. On its first day the stock fell 38.1% to $1.85 per share, though after‑hours trading saw a modest 2.7% rebound. The debut followed the completion of a $675 million SPAC merger with Mountain Lake Acquisition Corp., which also secured a $460 million treasury fund and a $200 million discounted allocation of AVAX tokens. The company aims to acquire more than $1 billion of AVAX and to channel capital into ecosystem projects, validator infrastructure and enterprise partnerships. While AVAT fell sharply, Avalanche’s native token AVAX rose 1.27% to $6.66 in the same period. Avalanche Treasury reports that the ecosystem has attracted over $1.02 billion of institutional capital, hosts $1.65 billion of tokenized real‑world assets and includes more than 550 active projects. Leadership includes CEO Bart Smith, formerly of Susquehanna and AllianceBernstein, COO Laine Litman, and advisers such as Avalabs founder Emin Gün Sirer and Aave founder Stani Kulechov.