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Avalanche Treasury Co. Coming With Foundation Support via $675 Million SPAC Deal

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In brief

  • Avalanche Treasury Co. is merging with Mountain Lake Acquisition Corp. in a $675 million deal, targeting a Nasdaq listing in Q1 2026 with $460 million in treasury assets.
  • An exclusive Avalanche Foundation partnership includes a $200 million initial AVAX purchase at a discount, offering investors 23% savings versus direct purchases.
  • The firm’s goal is to amass $1 billion in AVAX and actively drive ecosystem growth through protocol investments and enterprise partnerships.

A new treasury company is spinning up with the goal of amassing a significant amount of Avalanche cryptocurrency, with support from the Avalanche Foundation.

Avalanche Treasury Co. has announced a definitive business combination agreement with Mountain Lake Acquisition Corp. (Nasdaq: MLAC), creating a publicly traded company focused on institutional AVAX exposure.

The transaction is valued at over $675 million and includes approximately $460 million in treasury assets, the companies said, with an expected Nasdaq listing for the combined company in Q1 2026.



Boasting an “exclusive relationship” with the Avalanche Foundation—the entity that supports development and adoption of the layer-1 Avalanche blockchain network—the treasury will debut with an initial $200 million AVAX token purchase at a discounted price, plus an 18-month priority on Avalanche Foundation token sales to U.S. treasury firms.

According to the firm, it will offer investors entry at 0.77x net asset value—a 23% discount compared to direct AVAX purchases or passive ETF alternatives.

The company’s strategy centers on three pillars: targeted protocol investments to drive adoption, partnership activation with enterprises building blockchain infrastructure for real-world assets and payments, and direct support for institutional Avalanche L1 network launches.

Avalanche Treasury Co. aims to accumulate over $1 billion worth of AVAX following its IPO. AVAT frames its mission as serving as a “growth engine” for the Avalanche ecosystem, actively deploying capital to accelerate network development rather than simply holding tokens passively.

The firm’s leadership includes CEO Bart Smith, a Wall Street veteran from Susquehanna International Group and AllianceBernstein, alongside COO Laine Litman and Chief Strategy Officer Budd White. Ava Labs founder Emin Gün Sirer will serve as strategic advisor, while Chief Business Officer John Nahas is joining the board.

Avalanche Treasury’s advisory board features prominent crypto figures including Haseeb Qureshi (Dragonfly Capital), Jason Yanowitz (Blockworks), and Stani Kulechov (Aave). The transaction has attracted investors including Dragonfly, ParaFi Capital, VanEck, Galaxy Digital, Pantera Capital, and Kraken, among others.

In September, Bitcoin miner AgriFORCE announced a pivot towards Avalanche with plans to raise approximately $550 million to start stockpiling AVAX. The firm’s stock spiked 200% soon after the announcement but has since shed much of those gains, with the stock showing a 48% gain over the past month.

AVAX is down about 1% on the day to $30.23 and trading roughly flat on the week, even as assets like Bitcoin, Ethereum, and Solana post substantial gains.

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Crypto Asset Manager CoinShares to Trade on Nasdaq in $1.2 Billion SPAC Deal

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In brief

  • European crypto asset manager CoinShares has announced plans to go public in the U.S. on the Nasdaq.
  • The deal sees CoinShares enter an agreement with Vine Hill Capital Investment Corp.
  • A number of crypto firms have gone public this year or have signaled plans to do so.

European digital asset fund manager CoinShares on Monday announced plans to go public on the Nasdaq in the United States.

St Helier, Jersey-based CoinShares, which manages around $10 billion in assets, said it had entered into an agreement with blank-check company Vine Hill Capital Investment Corp. in a transaction valuing CoinShares at $1.2 billion pre-money on a pro-forma basis. 

CoinShares stock—which currently trades on the Nasdaq Stockholm—was trading about 1% higher on Monday after surging to a 52-week high earlier in the day. CoinShares will no longer trade on the Swedish exchange once it goes public in the U.S.



“This transaction represents far more than a change of listing venue from Sweden to the United States,” CoinShares CEO and co-founder Jean-Marie Mognetti said in a statement. “It signals a strategic transition for CoinShares, accelerating our ambition for global leadership, supported by favorable regulatory tailwinds.”

CoinShares, which mostly manages crypto exchange-traded funds, last year bought Valkyrie Funds, giving it control over a number of top Bitcoin and Ethereum ETFs by the asset manager.

The move to the U.S. market comes amid a wave of firms in the crypto space going public following a more favorable environment under President Trump’s administration.

The Peter Thiel-backed crypto exchange Bullish debuted on the New York Stock Exchange last month, while San Francisco-based Circle, which issues the USDC stablecoin, had a roaring June NYSE debut. Other firms such as Gemini and Figure Technologies are preparing to go public in the near future.

BIG NEWS: CoinShares → NASDAQ US
We’re going public in the U.S. via business combination with Vine Hill ($VCIC).

$1.2B pre-money valuation.
Expected to be one of the largest publicly traded digital asset managers globally.

Transaction subject to customary closing conditions &… pic.twitter.com/5DJb0rrpQr

— CoinShares (@CoinSharesCo) September 8, 2025

President Donald Trump campaigned on a ticket to help the industry, and the U.S. commander in chief has a number of personal digital asset ventures—including his own official Solana-based meme coin, and the World Liberty Financial crypto platform.

A Bitcoin miner partially owned by two of his sons, American Bitcoin, debuted on the Nasdaq last week, soaring over 80% in its Nasdaq debut before quickly losing its gains. ABTC was trading for nearly $5 per share—up close to 5%—on Monday after hitting a high of $13.93 last week.

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Bitcoin Infrastructure Gets $200-M Boost from Crypto Execs’ SPAC Push

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A group of crypto executives has filed to raise $200 million through a blank-check company that plans to list on Nasdaq under the ticker BIXIU.

According to a regulatory filing, Cayman Islands-based Bitcoin Infrastructure Acquisition Corp Ltd will offer 20 million shares at $10 each and then search for a private company to merge with and take public.

Experienced Crypto Team

The company’s leaders bring long ties to bitcoin and crypto firms. Ryan Gentry, named CEO, spent five years leading business development at Lightning Labs.

He also worked as a lead analyst at Multicoin Capital. James DeAngelis was picked as finance chief; he has run finance teams at Kroll, a firm involved in several crypto bankruptcy cases.

Vikas Mittal, a director, is the chief investment officer at Meteora Capital, the sponsor behind this IPO and a backer of the 2023 SPAC that took Bitcoin Depot public.

Image: NASDAQ

According To The Filing, Focus Will Be On Infrastructure

Bitcoin Infrastructure says it will look for targets involved in wallets, custody, exchanges, lending protocols and tokenized financial instruments, as well as applications such as payments, DeFi and cross-border finance.

The filing frames the SPAC as a vehicle to bring infrastructure-style businesses into public markets rather than speculative consumer tokens.

Market Appetite For Crypto IPOs

Wall Street money has already flowed into crypto companies that went public this year, and SPACs are part of that push.

BTCUSD now trading at $109,827. Chart: TradingView

Bullish and Circle Internet Group are two recent public debuts tied to crypto. In just two days, two crypto-focused SPACs raised a combined $575 million: CSLM Digital Asset Acquisition Corp III closed a $230 million IPO and M3-Brigade Acquisition VI Corp closed $345 million.

A prior M3-Brigade SPAC took ReserveOne public in July. These moves show there is still capital available for firms that promise a path to public markets.

Baggage And Risks Remain

There are reasons for caution. Kroll, where DeAngelis worked with finance teams, faces a lawsuit over a data breach that touched creditors of FTX, BlockFi and Genesis.

The SPAC itself has not named a target yet. That leaves investors buying into a plan without a clear deal on the table.

Blank-check companies have been criticized for raising large sums and then racing to find a suitable merger, which can lead to rushed decisions.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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Chamath Palihapitiya Returns With $250M Spac Targeting Ai
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Chamath Palihapitiya Returns With $250M SPAC Targeting AI

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Chamath Palihapitiya, former Facebook executive and once-called SPAC king, is making a high-profile return with American Exceptionalism Acquisition Corp. A, a $250 million blank-check company. 

The special purpose acquisition company (SPAC) will seek mergers in artificial intelligence (AI), decentralized finance (DeFi), energy production, or defense, according to its latest regulatory filing. 

As per the filing, the plan is to offer 25 million shares at $10 each. It will be listed under the ticker ‘AEXA’ on the New York Stock Exchange (NYSE), and Banco Santander will lead the offering. Further, Steven Trieu, Group CFO at venture firm Social Capital, has been appointed as the CEO, with Palihapitiya acting as Chairman. 

Palihapitiya, Founder of Social Capital, has invested in key startups across these sectors, including AI firm Groq, clean-energy company Palmetto Clean Technology, and defense innovator Saildrone Inc. He also backs crypto-related ventures and has been a long-time advocate of Bitcoin, blockchain, and stablecoins.

Investors are chasing high-growth sectors. CoreWeave Inc. shares have jumped 132% since March, Nvidia Corp. added $1.1 trillion in market value over the past year, and DeFi platforms like Circle Internet Group Inc. and Bullish surged after recent IPOs. Defense stocks, including Palantir Technologies Inc., soared nearly 400% in the past year.

Despite the excitement, Palihapitiya warned retail investors about the high risks, noting that five of his previous SPACs, including Virgin Galactic Holdings Inc., lost significant value post-merger.

Experts say Palihapitiya’s profile and connections could help the SPAC succeed. Louis Camhi of RLH Capital noted that “serial dealmakers like Chamath often attract investors eager for high-growth exposure.” 

Jay Ritter, finance professor at the University of Florida, added that the SPAC’s success depends on finding a quality target at a fair price.

Also Read: TeraWulf Lands $3.7B AI Data Deal with Google-Backed Fluidstack



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