Avalanche Treasury Corp.

The latest · days count from the Jun 11 listing

• Sep 16 · d97The custodian of the traced trail is Anchorage, and Coinbase Custody now has a chapter of its own →six corrections, all dated today. At the last C-Chain block of 30 Jun 2026 the treasury wallet held 7,809,589 AVAX and the wallet this research called the counterparty held 2,992,571, which is 10,802,161 against the 10,802,156 the Q2 10-Q puts at Anchorage Digital Bank. The difference is 4.57 AVAX. So the traced trail is the Anchorage position, the counterparty is the second wallet in the same segregated account rather than a third party, and BitGo is confined to the pre-June wallets. Add the Coinbase Custody side, nine single-key P-Chain vaults on a monthly clock, and 15,266,294 of the filed 15,312,363 AVAX is accounted for at one instant. Two new chapters: Custody, page 14, and BENQI, page 11, the sAVAX position that ran between the two filing dates. The transfers to Coinbase now number twelve, 26 Aug to 15 Sep, 1,200,000 AVAX, and the staging wallet holds 349,668
• Sep 13 · d94The twelve transfers run on, and the second Anchorage wallet empties into two more validators →read on 13 Sep at about 22:00 UTC, with the twelfth transfer following on 15 Sep. The staging wallet has sent 1,200,000 AVAX to six Coinbase deposit addresses in twelve transfers of 100,000, from 26 Aug to 15 Sep, and holds 349,668. Nine of the twelve swept to the same Coinbase hot wallet; the 4 Sep sweep went to an address labelled Coinbase internal float, the 8 Sep sweep to an address whose owner is not established, and the 15 Sep sweep to one labelled Coinbase 6. On 9 Sep the second Anchorage wallet exported 1,134,000 twice to two new P-Chain keys, which staked 1,133,999 each until 24 and 29 Sep, leaving its C-Chain balance at about zero. Validator 2’s term ended on 13 Sep: its owner key reads 2,004,596 unlocked and nothing staked. What the deposits establish is that the AVAX reached those exchange addresses. Whose account they are is not established, no sale is established, and a separate staking desk fed five of the same six addresses in August. On 8 Sep the board went from three directors to four
• Sep 8 · d89A fourth director, and the CEO leaves the audit committee →the 8-K of 9 Sep: the board resolved to increase the number of directors from three to four and appointed Virginia Gambale, effective 8 Sep, and put her on the audit committee. Gerald Bartholomew Smith resigned from that committee the same day and “has not resigned from any of his other positions with the Company and remains a member of the Board of Directors”. Paul Grinberg chairs the committee. The company says it has two members qualifying as independent under Rule 10A-3 during the Nasdaq phase-in. Gambale’s Form 4 shows 66,512 initial and 10,751 annual options at a $0.85 strike
• Sep 3 · d84A fifth 100,000 AVAX to Coinbase, and no matching selling in the hour after the sweep →as it stood on 3 Sep: transfer five at 13:59 UTC, through the second of the three addresses dusted on 31 Aug and left unused, taking the running total to 500,000 through five deposit addresses in eight days. Coinbase’s own AVAX-USD market, read for the hour after each of those five sweeps: four ordinary hours, and one spike that was taker buying, 47.6K bought against 18.0K sold. A market sale of one transfer would need 100,000 of taker selling in that hour; the most measured across those five hours is 18,000. Coinbase’s daily volume fell after the transfers began. What the AVAX did on the far side, the public tape cannot see. The measurement is on The Watch. Six more transfers followed, from 4 to 11 Sep, and their market hours have not been measured
• Sep 2 · d83The treasury wallet empties: 2,215,234 AVAX to the counterparty →at 16:07 UTC the wallet that funded everything sent its entire remaining balance down the same route as the 5.6M of 13 Aug. It has held nothing since. That left the counterparty with 2,268,132 unstaked beside the 4,000,000 on the P-Chain, a figure it kept until 9 Sep, when it exported the lot to two new validators. Ninety minutes earlier a fourth 100,000 went to Coinbase through the first of the dusted-and-unused addresses
• Sep 2 · d83Correction: the forwarding address is the exchange’s own float →the address every early tranche was forwarded to, 0xC9F151…, takes AVAX in from the hot wallet and sends it out to one place — the same hot wallet: 2.48M in, 2.09M back. The two addresses that took the later forwards behave the same way. That is how an exchange moves its own float, not how a customer account looks. The five-for-five timing stands as a measurement; the reading it was given is withdrawn. Every address on the trail now sits on one map — The Watch, page 15, with the poisoners who shadow every transfer
• Sep 1 · d82The atomic imports traced to a staking desk on the P-Chain →the nine keys behind 2,750,000 AVAX of exchange inflow are one wallet: a hub that gathered 2,619,827 AVAX from 34 addresses on 19 Jan, runs ~90-day validations of 300–500K on AWS and Cherry Servers at 2–20% fees, and exports 250K into the same Coinbase deposit addresses when they pay out. It shares no key with the Fleet page’s private ladder. Whose tokens it stakes, no filing says. The reading that it is a custodian staking AVAT’s tokens was withdrawn on 16 Sep
• Sep 1 · d82Thirteen minutes of dust join the trail to 3.4M AVAX of exchange flow →on 31 Aug between 15:18 and 15:31 the staging wallet dusted six Coinbase deposit addresses. Two it used for size within a day. Three it had not used at all by this date, and those three had already taken 2,000,000 AVAX in atomic imports from the staking layer. All three took their first staging transfer between 2 and 4 Sep and a second between 9 and 11 Sep. On the 1 Sep read, 3,443,624 AVAX had entered this one exchange path: 2,750,000 by atomic import, invisible to every EVM explorer, and 693,624 by ordinary transfer
• Sep 1 · d82A third 100,000 AVAX to Coinbase, and the far side of the deposit →three tranches in six days through three deposit addresses (300,000 at the exchange, 1,249,668 still parked), each dust-tested first, each swept into the hot wallet within three minutes. The forwarding reading first published here was withdrawn on 2 Sep — see the correction above
• Aug 31 · d81The audit chair’s option awards, granted the day after the loss →a Form 4 discloses 93,271 options to Paul Grinberg, struck at $0.63 and dated Aug 27, the day after the $44.7M quarter. It is two awards, not one: 66,363 the footnote calls his initial award for service as a director, vesting over three years, and 26,908 it calls his annual award, vesting in full within a year. He held 571,281 options after them. He was the board’s only independent director at this date; Virginia Gambale joined on 8 Sep and the audit committee has had two qualifying independent members since
• Aug 27 · d772,000,000 new shares go to Astral, and the share count the market uses goes stale →two filings from Rob Hadick, Dragonfly’s partner on the board: an amended Form 3 disclosing 4,000,000 Class A held through Astral Horizon L.P., and a Form 4 showing the issuer repurchased 237,833 of them at $0.5466 to cover tax withholding on 2,000,000 post-closing shares issued 25 Aug. Class A is therefore about 39,676,972, up 4.65% since the 10-Q cover — and avat.com still divides by the old number
• Aug 31 · d81$0.724 close, $27.4M capavat.com’s IR page at the Aug 31 close: up 88% from the $0.386 of thirteen days earlier, with the market-value notice closed and the buyback announced
• Aug 28 · d78The missing 4,000,000 AVAX resurfaces as two new validators →on the chain: it left the C-Chain with no EVM transaction, and the atomic layer plus the P-Chain name where it went — two nodes started a minute apart on 28 Aug, one at the private ladder’s exact 100%-fee uniform. A sixth wallet, the treasury that funded it all, joins the watch. The full proof is in The Wallets
• Aug 27 · d77Another 1,028,504 AVAX staged into the Coinbase-feeding wallet →hours after the wallet trace first published; the staging wallet now holds 1,449,668 AVAX with nothing sent since the 100K
• Aug 26 · d76100,000 AVAX to a Coinbase deposit address →on the chain, not in a filing: 3½ hours before the earnings call, from a wallet staged out of the loan-trail counterparty since Aug 20 — the trace and the live watch are in The Wallets
• Aug 26 · d76Q2 results: a $44.7M loss and a buyback$1.54 a share — about $35.7M of it market-driven losses on the AVAX plus $15.2M of one-time merger costs against $3.5M of core G&A; the board approves a $10M Class A repurchase program; the release restates the strategy as accumulating AVAX
• Aug 25 · d75One Nasdaq notice closedNasdaq staff accept the 10-Q’s $83.8M stockholders’ equity under the alternative prong of Rule 5550(b)(2) and close the $35M market-value deficiency (8-K, Aug 26). The separate $1.00 bid-price notice comes from the letter of Aug 6, disclosed in the 8-K of Aug 7: 33 consecutive business days under $1.00 under Rule 5550(a)(2), with 180 calendar days to regain compliance, to Feb 2, 2027. The stock closed at $0.515 that day, up 33% from Aug 18
• Aug 19 · d69The Q2 10-Q lands, inside the grace window →15,312,363 AVAX at $257.3M cost basis vs $100.0M fair value; $23M drawn of the $25M FalconX facility (the first filing to say so); equity $83.8M; the Q1 going-concern doubt formally withdrawn; cover shows 37,914,805 Class A, the 1.6M sponsor earnout shares now in escrow
• Aug 18 · d68$0.386 close, $15.3M capavat.com’s own investor page computes market cap on Class A only, then 39,514,805 shares
• Aug 14 · d64NT 10-Qthe Q2 10-Q is late; the company asks for the five-day grace period under Rule 12b-25, citing time to finalise the statements
• Aug 13 · d63AQR files a 13G/A · Q2 date set →7,040 Class A shares, 0.02%: a SPAC-arbitrage position wound down to a rounding error; a release names Aug 26 for results and a call

NEXT — five stakes come due on three dates: 1,999,999 AVAX on Sep 21, 1,133,999 on Sep 24, and 1,133,999 plus the two collateral positions of 1,126,094 and 1,128,858 on Sep 29. On the Coinbase Custody side, four vaults carrying 3,975,214 AVAX all end at Sep 25 00:00:00 UTC. Validator 2’s term ended Sep 13, leaving 2,004,596 unlocked and idle on its owner key. 349,668 AVAX sit staged in the wallet that has fed Coinbase twelve times. The $1.00 bid-price notice runs to Feb 2, 2027; the Galaxy loan matures Jan 10, 2027; no purchase under the $10M buyback is reported in any filing read here.

The first 56 days, in one strip

Fifty-six days separate AVAT’s Nasdaq debut from Nasdaq’s two deficiency notices. Every event on the strip comes from the company’s own filings or from Nasdaq’s letters. One of them is a director resignation whose filed letter is a legal template with the brackets still in it.