Avax, the native token of the avalanche blockchain, surged Wednesday after Avalanche Treasury Co., which was established to support the avalanche ecosystem, announced its first public offering (IPO) and major token purchasing plans.
Avalanche Treasury Co. (Avat) has announced that it has signed a joint venture agreement and a merger with NASDAQ-registered Mountain Lake Acquisition Corp. (MLAC) for over $675 million.
The Total Company is scheduled to trade NASDAQ under the ticker symbol “Avat” in the first quarter of 2026, subject to regulation and shareholder approval.
Emin Gün Sirer, founder and CEO of AVA Labs, will join the company as an advisor and become the second financial company focused on Avalanche.
Avalanche Treasury Co. is planning to acquire Avax for $1 billion as part of its Avax Treasury strategy and will acquire Avax with its first $460 million fund.
The company has announced its newly signed $675 million merger agreement and will begin trading on NASDAQ in 2026 under the symbol “Avat.”
According to the statement, the merger company traded under the ticker symbol Abbat has concluded a priority agreement for the sale of discounted Avax from the Avalanche Foundation.
Therefore, Avat aims to get Avax with a $200 million discount on 18 months’ priority, and hold more than $1 billion in Avax after IPO.
*This is not investment advice.