Avalanche Treasury Co. had a rough start on the Nasdaq on Thursday, with its stock closing at $1.85, down 38.13% from its opening price of $2.99. The stock, trading under the ticker AVAT, hit a high of $3.00 and a low of $1.75 during the session. In after-hours trading, it recovered slightly to $1.88, up 1.62%. Volume was around 497,580 shares, and the company’s market value stood at about $486.37 million.
The listing followed Avalanche Treasury’s merger with Mountain Lake Acquisition Corp., a SPAC deal valued at roughly $675 million. The company is now a public market vehicle tied to the Avalanche ecosystem. It aims to give investors exposure to Avalanche without needing to hold the $AVAX token directly. Chief Executive Bart Smith said the company plans to deploy capital across the Avalanche ecosystem. He emphasized that it is not a bet on the token’s price but rather an ecosystem investment vehicle.
The company is backed by notable investors like Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, CoinFund, Kraken, FalconX, and Borderless. Its board includes Ava Labs founder Emin Gün Sirer and Aave founder Stani Kulechov. Avalanche Treasury holds about 15 million $AVAX tokens, roughly 3.5% of the circulating supply. This gives the company direct exposure to $AVAX price movements while also allowing for staking, infrastructure, and ecosystem investments.
$AVAX Price Stays Under Pressure
$AVAX was trading near $6.64 on June 12, according to crypto.news market data. It saw a 2.09% gain over 24 hours but remained down 13.02% over seven days and 33.3% over the past month. The token’s 24-hour trading volume was about $184.9 million, with a market cap of $2.87 billion. It traded between $6.48 and $6.67 in that period. The token is still more than 95% below its all-time high of $144.96 from November 2021. That decline has kept pressure on companies tied to its value.
Earlier reports showed $AVAX had fallen to levels last seen in early 2021 after a broader crypto liquidation wave. That backdrop made AVAT’s first trading session tougher, as investors weighed both the company’s structure and the token’s weak trend.
Treasury Firms Face a Harder Market
AVAT’s debut comes as digital asset treasury firms face a tougher market. These companies have tried to offer public equity exposure to crypto assets, but falling token prices have tested investor demand. Recent reporting also showed pressure around BitMine’s Ethereum treasury strategy. BitMine moved to raise $300 million through preferred stock while market conditions continued to challenge crypto-linked public companies.
Avalanche Treasury is trying to separate itself from simple token-holding vehicles. Its model depends on active capital use across the Avalanche network, not just the value of $AVAX on its balance sheet. The first trading session showed that investors remain cautious. AVAT now has to prove that a listed Avalanche treasury can create value during a weak altcoin market.
