# Avalanche Treasury Shares Drop 38% on Nasdaq Debut

**Published:** 2026-06-12T11:56:49.771Z  
**Topic:** Avalanche Avax  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/6974f2a2-3fc0-476d-aacd-7528f805fee1

Avalanche Treasury Co. (AVAT) fell 38% on its Nasdaq debut after a $675 million SPAC merger, while AVAX trades near five-year lows.

Avalanche Treasury Co. began trading on the Nasdaq under the ticker AVAT on Thursday, closing its debut session down 38.1% at $1.85 [2, 3]. The stock opened at $2.99 but faced immediate selling pressure, a performance attributed to the broader decline of the underlying AVAX token which is currently trading near five-year lows [1, 2]. The listing followed the completion of a business combination with Mountain Lake Acquisition Corp., a special purpose acquisition company [3].

**Key takeaways**
*   AVAT closed at $1.85 on its first trading day, a 38.1% drop from its opening price of $2.99 [2, 3].
*   The company holds approximately 15 million AVAX tokens, representing about 3.5% of the token's circulating supply [1, 2].
*   The listing followed a $675 million merger with Mountain Lake Acquisition Corp., announced in October 2025 [1, 3].
*   CEO Bart Smith stated the firm is an ecosystem investment vehicle rather than a passive bet on token price [2, 3].

## Debut performance and market context
The company reached the public markets through a merger with Mountain Lake Acquisition Corp., a deal valued at over $675 million when announced in October 2025 [1, 3]. Despite this valuation, the market cap stood at approximately $486 million following the sell-off, which saw the stock trade as low as $1.75 during the session [2]. The rough debut highlights the challenges facing crypto treasury firms, as the value of AVAX has dropped more than 95% from its all-time high of $144.96 in November 2021 [2]. AVAX was trading around $6.66 at the time of the listing, down roughly 33% over the past month [3].

## Strategy and structural advantages
Avalanche Treasury Co. is led by CEO Bart Smith, a former executive at Susquehanna and AllianceBernstein, and is backed by investors such as Dragonfly, Galaxy Digital, and VanEck [1, 3]. The

## Sources
1. Crypto Briefing — [Avalanche Treasury Co. falls 16% on NASDAQ debut as AVAX...](https://cryptobriefing.com/avalanche-treasury-avat-nasdaq-debut-decline/)
2. Crypto — [Avalanche Treasury stock sinks 38% after Nasdaq debut under AVAT](https://crypto.news/avalanche-treasury-stock-sinks-38-after-nasdaq-debut-under-avat/)
3. The Block — [Avalanche Treasury shares fall 38% on Nasdaq debut... | The Block](https://www.theblock.co/post/404523/avalanche-treasury-nasdaq-debut)

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Cite as: TrendWatcher, "Avalanche Treasury Shares Drop 38% on Nasdaq Debut", https://www.trendwatcher.in/article/6974f2a2-3fc0-476d-aacd-7528f805fee1