Avalanche rises as treasury firm eyes $1B buy after SPAC deal
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Avalanche Treasury Co. will launch through a blank-check merger next year, with the goal of buying over $1 billion worth of AVAX tokens.
The price of AVAX, the native token of the Avalanche blockchain, jumped after a newly formed company announced its plans to go public in the US and purchase over $1 billion worth of the token.
The company, Avalanche Treasury Co., said on Wednesday that it would merge with the special purpose acquisition company (SPAC) Mountain Lake Acquisition Corp. in a deal valued at over $675 million.
The merged company expects to list on the Nasdaq in the first quarter of 2026 under the ticker symbol “AVAT,” subject to regulatory and shareholder approval.
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