BlockBeats news: On June 12, Avalanche Treasury Company officially listed on Nasdaq under the ticker symbol AVAT, but faced selling pressure on its first day of trading, with shares falling 16% from the open to close at $1.85.
The company completed its listing through a merger with SPAC Mountain Lake Acquisition, with an overall transaction value of approximately $675 million, and received support from institutions including Dragonfly, Pantera, ParaFi Capital, VanEck, Galaxy Digital, and Kraken.
The Avalanche Treasury holds approximately 15 million AVAX tokens, designed to provide investors with exposure to the Avalanche ecosystem without requiring direct ownership of the tokens. Company CEO Bart Smith stated that this strategy is not a direct bet on price, but rather a long-term investment in the potential for institutional financial restructuring.
Although the Avalanche ecosystem has attracted over 550 projects and more than $1 billion in institutional funding since its launch in 2020, its native token AVAX has recently faced significant pressure, with its price falling to levels near a five-year low.
Market data shows that AVAT’s first-day performance continued the general weakness seen among cryptocurrency "Digital Asset Treasury (DAT)" companies. Previous listings such as Strategy, Bitmine, and SOL Strategies all experienced significant pullbacks, reflecting ongoing valuation pressures on this asset class in the current crypto bear market.