Avalanche Treasury Co Hits Nasdaq as Crypto Proxies Evolve

Avalanche Treasury Co., a newly formed company built around a crypto treasury strategy, is set to start trading on the Nasdaq under the ticker AVAT this Thursday.

The company was created by former Susquehanna and AllianceBernstein executive Bart Smith to accelerate adoption and growth of the Avalanche ecosystem. It merged with special-purpose acquisition company Mountain Lake Acquisition Corp. in a $675 million deal announced last October.

Avalanche is a six-year-old blockchain built for business, with over 550 projects built on it and more than $1.65 billion in real-world assets tokenized. The AVAX token is the 33rd largest by market cap, according to CoinGecko.

The listing comes as crypto treasury firms face increasing pressure to differentiate themselves from each other amid a prolonged downturn in crypto prices. Newer entrants are attempting to justify premium valuations by generating returns through active capital allocation strategies, staking income, and ecosystem investments.