Section · AVAT — Nasdaq: AVAT · CIK 0002092446
Avalanche Treasury Corp.
The treasury that borrowed. It holds roughly 3.5% of all circulating AVAX, has drawn $33M against it, and disclosed a going-concern note in its first 10-Q — withdrawn in its second. Its paper trail stops one inch short of the chain. Its twin, AVAX One, is covered separately.
08 — BENQI
A position that no balance sheet ever carried
AVAT ran two liquid-staking venues in the first half of 2026. The larger one, Hypha, is the chapter before this, and its stAVAX was disclosed as a quantity at two filing dates. The second one opened on 20 April 2026, and the AVAX came back on 24 June after an unlock requested on 9 June. All of that falls between those dates. Both filings therefore report no sAVAX, and the position exists in the accounts only as four lines in a flow statement.
The concept in brief
What it is
sAVAX is BENQI's liquid-staking token. AVAX goes to the protocol, the protocol stakes it, and the depositor receives sAVAX in return. The sAVAX earns the staking yield through a rising exchange rate rather than through separate payments, and it can be moved or traded while the AVAX behind it stays staked. Getting the AVAX back takes two transactions: one to request the unlock and return the receipt, one to collect the AVAX after the protocol's waiting period.
Who issued it
BENQI is an Avalanche lending and liquid-staking protocol. Its sAVAX contract answered to the name "Staked AVAX" and a total supply of 18,103,123.50 sAVAX when it was read on 16 September 2026. The Q2 10-Q names BENQI as the protocol behind the company's sAVAX and Hypha as the protocol behind its stAVAX.
Why it matters here
The company ran two liquid-staking venues at once in the first half of 2026. The stAVAX at Hypha was the larger and longer position and is on the Hypha chapter. The sAVAX at BENQI ran for 65 days in spring and was bigger in dollars than any single stAVAX leg.
The three legs, on chain
All three are in one wallet’s lists, with hashes. The wallet is the second Anchorage-custodied wallet of The Wallets, which a filed quantity pins at the same date. Getting out of BENQI took two of the three: on 9 June 2026 at 18:25:35 UTC the wallet called requestUnlock and sent the sAVAX back without any AVAX moving, and on 24 June at 18:44:11 UTC it called redeem and the contract paid the AVAX. The sAVAX amount that went back is the sAVAX amount that was minted, to the last decimal the transfer list prints.
2,964,600 AVAX went to BENQI on 20 April 2026 and 2,991,571.29627 AVAX came back on 24 June, 65 days later
Each bar is one AVAX leg, drawn to true proportion on a common axis that starts at zero and runs to 3,000,000 AVAX. The sAVAX figure beneath each bar is the receipt token: minted on the way in, returned on the way out on 9 June, identical to the last decimal. Dollar values are the filing's own.
2,354,568.2142 sAVAX minted · tx 0xd5a891e2b880…
2,354,568.2142 sAVAX returned on 9 Jun, tx 0x75dd52e8d71a… · tx 0x29667f38506d…
The axis starts at zero and both bars use it, so the second bar is longer by the quantity it exceeds the first: 2,991,571.29627 minus 2,964,600 is 26,971.29627 AVAX. That is the filing’s own sAVAX reward line, “$250,294 for approximately 26,971 tokens”, matched to the unit by a number the filing never printed. On the dollar side the roll-forward books the deposit at $9.28 a token, and the reward line values those approximately 26,971 tokens at $250,294, which is the same rate. The $18,985,510 disposal line has no token count in the filing, so no per-AVAX price is divided out of it here. The $8,525,978 between the two dollar lines is the $10,672,560 impairment net of the $2,146,582 gain, and the AVAX quantity rose over the 65 days.
Source: Avalanche C-Chain: the holder's native transaction list, ERC-20 transfer list and internal-transfer list via Routescan v2, all three legs with hashes; dollar amounts from AVAT's Q2 10-Q of 19 August 2026 (CIK 0002092446), supplemental non-cash disclosures and the sAVAX roll-forward.
What the filing says about a position it never held
A balance sheet reports what was there on one date. This position opened after the first date and closed before the second, so every balance line reads zero and the flow statement does the work. The 10-Q names the protocol as well: it says the company exchanges AVAX for receipt tokens “through the Hypha Protocol and BENQI Protocol, respectively”.
| Line, six months ended 30 June 2026 | Amount | What it measures |
|---|---|---|
| Deposits of AVAX staked into liquid staking activities | $27,511,488 | the sAVAX roll-forward carries the whole line, so every dollar of it went to BENQI |
| Disposal of sAVAX | $18,985,510 | the value of the AVAX received back at redemption, before the reward. The roll-forward opens at nil, adds $27,511,488 of AVAX redeemed for sAVAX, subtracts this line and a $10,672,560 impairment, and closes at nil on a $2,146,582 gain, which puts the carrying amount given up at $16,838,928 and this line above it |
| Impairment loss on sAVAX tokens | $10,672,560 | recognised on the lowest intraday AVAX value while the position was open |
| Gain on redemption in liquid staking activities, sAVAX | $2,146,582 | $18,985,510 less the $16,838,928 carrying amount, the line that closes the roll-forward to nil. The reward has a line of its own |
| Receipt of AVAX from redemption in liquid staking activities, sAVAX (rewards) | $250,294 | “approximately 26,971 tokens” in the filing's words; the redemption on chain returned 26,971.29627 AVAX more than the deposit |
| sAVAX held at 31 December 2025 and at 30 June 2026 | none | the position opened and closed between the two dates |
“Lastly, the Company held no sAVAX as of June 30, 2026 or December 31, 2025.”Form 10-Q, six months ended 30 June 2026, filed 19 August 2026
One further sentence in the same filing is the nearest any AVAT document comes to naming a wallet: liquid-staking receipts “are custodied with BitGo or Anchorage”. The stAVAX of the Hypha chapter was in the two BitGo wallets. The sAVAX was in the wallet the block-height match places at Anchorage. Both halves of that sentence have an address behind them.
Form 10-Q, six months ended 30 June 2026, filed 19 August 2026
The timeline · filed, on-chain, open
Every entry is a filed fact or an on-chain fact, labelled. The last entry is arithmetic the record does not explain.
- 2026-04-02
On-chain
The stAVAX exit begins
BitGo wallet B sends 605,380 stAVAX to the wallet that opens the BENQI position eighteen days later, and 605,391 stAVAX goes on to Hypha's redemption contract. One wallet ran the exit from the first protocol and the entry into the second.
ERC-20 Transfer logs, tx 0xe0d97f3b…
- 2026-04-20
On-chain
2,964,600 AVAX into BENQI
At 18:33:40 UTC the wallet sends 2,964,600 AVAX and receives 2,354,568.2142014625 sAVAX minted from the zero address. That implies a rate of about 1.259 AVAX per sAVAX at the deposit.
tx 0xd5a891e2b880…, native leg in the same second
- 2026-04-20
On-chain
Nothing on the wallet for fifty days
The holder has no activity at all between 20 April and 9 June 2026. The AVAX is at BENQI and the receipt is in the wallet, and neither moves.
Routescan v2 address history, 54 combined items, complete
- 2026-06-09
On-chain
The unlock is requested, and the sAVAX goes back
At 18:25:35 UTC the wallet calls requestUnlock and the 2,354,568.2142014625 sAVAX returns to the contract. The transaction carries no AVAX and no AVAX reaches the wallet that day. BENQI releases the underlying on a delay, so the receipt token and the money leave on separate days.
tx 0x75dd52e8d71a…, requestUnlock(uint256 shareAmount), value 0
- 2026-06-10
On-chain
The custody move arrives the next day
Coinbase Custody delivers 4,060,744 AVAX into the treasury wallet on 10 June, and the two BitGo wallets had already emptied on 4 June. The sAVAX unlock had been requested the day before, and its AVAX followed a fortnight later.
The Custody chapter; The Wallets, Figure 07
- 2026-06-24
On-chain
2,991,571.29627 AVAX comes back
At 18:44:11 UTC the wallet calls redeem and the sAVAX contract sends it 2,991,571.296270 AVAX as an internal transfer. That is 15 days after the request and 65 days after the deposit, and 26,971.29627 AVAX more than went in. The excess is what the rising exchange rate had accrued, and the filing books the same quantity as its sAVAX reward.
tx 0x29667f38506d…, internal transfer from the sAVAX contract 0x2b2c81e0…
- 2026-06-30
Filed
Filed: no sAVAX, and 2,992,571 AVAX on the wallet
The 10-Q reports no sAVAX at 30 June 2026. eth_getBalance on the holder at block 89,166,730 returns 2,992,571.2963 AVAX. That is the 2,991,571.29627 redeemed, plus 1,000 AVAX paid in by 0x1d67bd45 at 18:42:07 on 24 June, plus about 0.00001 AVAX besides. Both records are correct, and neither one alone shows the position existed.
Q2 10-Q of 19 Aug 2026; eth_getBalance at block 89,166,730 on an archive node
- 2026-08-19
Filed
Filed: the cash-flow lines the balance sheet cannot show
The Q2 10-Q books $27,511,488 of AVAX into liquid staking in the six months, $18,985,510 back from sAVAX redemption, a $2.1 million gain on the redemption, a $10.7 million impairment and $250,294 of sAVAX reward. The flow statement is where a position held between two measurement dates shows up.
Q2 10-Q of 19 Aug 2026, supplemental non-cash disclosures and Note 4
- Open
Open
Open: the disposal line has no token count
The deposit was 2,964,600 AVAX booked at $27,511,488, which is $9.28 a token. The $18,985,510 disposal line is the value of the AVAX received back, and the filing states no token count for it, so no per-AVAX price can be divided out of it. The filing's sAVAX reward line values “approximately 26,971 tokens” at $250,294, which is $9.28 a token again, so the two receipt lines are not measured at one price. Subtracting the filed lines, the $8,525,978 between the deposit and the disposal is the $10,672,560 impairment net of the $2,146,582 gain. The quantity did not fall: 2,991,571.29627 AVAX came back against 2,964,600 in.
The closing argument
A position that no balance sheet ever carried
Two filing dates, 31 December 2025 and 30 June 2026, both report no sAVAX. Between them the company put 2,964,600 AVAX into BENQI and took 2,991,571.29627 AVAX back 65 days later. The only trace in the filing is in the flow statement and the notes: $27.5 million in, $19.0 million out, a $2.1 million gain, a $10.7 million impairment, $250,294 of reward. A reader working from balances alone would never know the position existed. The chain shows it in three transactions.
What the trail reaches, and what it does not
The sAVAX trail covers one position on one wallet. It reaches all three legs to the last decimal and the 65 days between the first and the third. It does not reach who signed any of them, and it does not reach the reason for the deposit or the redemption; no filing states one. The wallet is the second Anchorage-custodied wallet of the Wallets chapter, tied there by a same-date match to a filed quantity. The 10-Q says liquid-staking receipts are custodied with BitGo or Anchorage, which agrees, and that sentence is the closest any filing comes to naming a wallet.
Sources
- 10-Q — Q2 2026, the sAVAX roll-forward and the custodian sentence (19 Aug 2026)
- Snowscan — the sAVAX contract 0x2b2C81e0…eA4bE
- Snowscan — the holder 0xefe6e557…56c9
- BENQI — protocol documentation
sAVAX contract · 0x2b2C81e08f1Af8835a78Bb2A90AE924ACE0eA4bE
holder · 0xefe6e5574c0c8b4199264a42deede219a5d256c9