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roughly 3.5% of all circulating AVAX, has drawn $33M against it, and disclosed a going-concern note in its first 10-Q — withdrawn in its second.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.
05 — Discount
A dollar of AVAX for fifteen cents
AVAT exists to hold AVAX on shareholders’ behalf, and the market prices it at a fraction of the tokens it holds. Among every comparable treasury company we could rank, it is at the bottom.
AVAT · market cap ÷ token NAV
Each share priced at $0.342 has $2.69 of AVAX behind it, about $7.9 of tokens per $1 of stock. Counting debt as well (enterprise basis), 0.36×.
Snapshot 2026-08-05 · AVAX $6.41 · live prices load when available
NAV, net asset value, is what the company’s AVAX is worth at today’s price, divided by its shares. Below 1.00× the stock sells for less than the tokens behind it.
The card is live: AVAX streams in, the Nasdaq quote refreshes every minute the market is open, and the figures move as they arrive; the dated snapshot (AVAT 2026-08-05/06 · AVX refreshed 2026-08-13 (Q2 release)) is only the fallback. AVAT’s place against AVAX One and the full digital-asset-treasury peer set, with Strategy, BitMine and the rest on one axis, is in the head-to-head.
Where the raise went before day one
Part of why AVAT trades so far below its tokens is that most of the money never reached the company. SPAC shareholders may redeem, taking their cash back from the trust instead of staying in the deal, and most did so before the stock began trading. That is why a company holding roughly fourteen million tokens borrowed to pay its own closing costs.
Almost all of the SPAC trust was redeemed before AVAT's first trade, with $243.2M paid back and $1.6M reaching the company
One bar is the entire Mountain Lake Acquisition Corp trust at close, $244.9M; length is proportional to dollars from a zero baseline. Claret is cash paid back to redeeming shareholders (22,846,470 shares at $10.65). Teal is what remained for the company, drawn to true scale.
Source: SEC filings for Avalanche Treasury Corp (CIK 0002092446): 8-K of 17 June 2026 (merger close and redemptions), with the 424B3 of 27 July 2026 and the Q1 2026 10-Q.
Caveats
mNAV compares market capitalisation to the marked value of filed token holdings. The headline card is live. The AVAX price streams in from Coinbase’s public AVAX-USD ticker and is checked against Chainlink’s on-chain AVAX/USD read every 30 seconds (if the two disagree by more than 3%, or the stream goes quiet, the on-chain price is used); the Nasdaq quote refreshes every minute while the market is open. Both sit over the filed share count and holdings, each dated to its filing. If a feed is unavailable it falls back to the dated snapshot. Every other ratio shown is a dated snapshot. Holdings are the 424B3’s 15,317,179 AVAX as of 20 Jul 2026 (Class A shares as of 21 Jul); the enterprise basis counts about $25M of debt, the $25M FalconX loan plus the $10M Galaxy draw less the $10M of existing debt that draw was meant to repay, since no filing states the live balance. The loan detail is in The Wallets.