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roughly 3.5% of all circulating AVAX, has drawn $33M against it, and disclosed a going-concern note in its first 10-Q — withdrawn in its second.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.
07 — Hypha
One company was most of the token
AVAT never disclosed a wallet. It did disclose exact quantities of one token, stAVAX, the liquid-staking receipt issued by an Avalanche protocol now called Hypha. Those quantities led to the wallets. The token’s supply, in turn, tracks one company: from under a million to over two million and back to a few hundred thousand. Hypha ends operations on 15 August 2026.
The concept in brief
What it is
stAVAX is a liquid-staking token. You hand the protocol AVAX, it stakes that AVAX on Avalanche validators for you, and it gives you stAVAX in return. The stAVAX is a receipt: it keeps earning the staking yield and can be traded or used while the underlying AVAX stays locked. Because the yield accrues, one stAVAX is redeemable for a slowly rising amount of AVAX: about 1.135 AVAX in September 2025, about 1.194 today.
Who issued it
GoGoPool, an Avalanche staking protocol, issued it and later rebranded as Hypha. The rebrand was framed as an expansion, with the phrases “the next evolution” and “no action required”. The docs still describe services “continuing exactly as before”.
Why a treasury company holds one
For a treasury company, a liquid-staking token is a way to earn staking yield on part of its holdings without running validators or locking tokens for a fixed term. AVAT put its liquid-staking allocation in Hypha. AVX put its own in a different protocol, Treehouse, which routes into BENQI. Neither company ever disclosed a wallet, but both disclosed exact stAVAX or tAVAX quantities, and those quantities identified the wallets.
The token today · read from the contract
The contract answers three questions on demand: how many stAVAX exist, how much AVAX stands behind them, and how much AVAX one stAVAX converts to. The snapshot is the last weekly read. The live figures replace it once the chain answers.
in circulation, the contract’s totalSupply
backing it: totalAssets, staked or awaiting redemption
the redemption rate, the AVAX one token converts to today
Avalanche C-Chain block the reading was taken at
Snapshot · read from the contract 0xa25eaf29… at block 93,061,623 · 17 Aug 2026 · the live reading loads when available
Hypha operations end 15 Aug 2026 · redeem stAVAX for AVAX by 31 Dec 2026
The supply curve
The chart plots one point a week, read on-chain. The shaded bands are the movements the timeline names. The four marks are the two filing dates and the two exit receipts, each placed at the block where it was read.
stAVAX rose from 0.75M to 2.22M as AVAT’s wallets minted, fell to 0.60M as they left, and is falling again as Hypha shuts down
stAVAX totalSupply in millions of tokens, zero baseline · one on-chain sample a week (last block before 00:00 UTC each Monday), 1 Sep 2025 – 17 Aug 2026
Source: Avalanche C-Chain, stAVAX contract 0xa25eaf29… totalSupply at the last block before 00:00 UTC each Monday, Sep 2025 – Aug 2026 (scripts/hypha-supply-history.mjs)
The timeline · filed, on-chain, protocol, open
Every entry is a filed fact, an on-chain fact, or a statement from the protocol’s own page. One entry is a question the public record could not answer.
- 1 Sep 2025On-chain
Before AVAT
About 856,000 stAVAX are in circulation. That is a mid-sized Avalanche liquid-staking token.
Source: totalSupply at the 1 Sep 2025 block
- 13 Oct 2025On-chain
The accumulation begins
Supply jumps to about 1.19M in one week and keeps climbing to about 2.2M by early December. AVAT’s two BitGo wallets mint 607,133 stAVAX (Oct–Nov) and 575,124 stAVAX (3–17 Nov). Those two mints account for most of that growth.
Source: weekly totalSupply; Transfer logs for 0x9862a3… and 0xa5ae82…
- 30 Nov 2025Filed
Filed: 1,352,876 AVAX in, 1,180,516 stAVAX out
The 424B3 states the round-trip’s first leg: AVAT deposited 1,352,876 AVAX to receive 1,180,516 stAVAX. By 31 Dec 2025 that position was carried at $15.2M against a $28.8M cost, after a $13.6M impairment; by 31 Mar 2026, $10.2M.
Source: 424B3 (27 Jul 2026), Business and Notes
- 8 Dec 2025On-chain
Peak
stAVAX supply reaches about 2.22M, the most that ever existed. It then drifts flat around 2.15M for four months.
Source: totalSupply at the 8 Dec 2025 block
- 31 Mar 2026Filed
Filed: 1,180,516 stAVAX at BitGo
AVAT filed the number in its 424B3 custody schedule. On-chain at that block the two sibling wallets hold 575,123 + 605,391 = 1,180,514, which matches the filed number to a two-unit rounding.
Source: 424B3 (27 Jul 2026), custody schedule as of 31 Mar 2026; balanceOf at block 81,704,866
- 2 Apr 2026On-chain
First wallet out
0x9862a3… sends 605,380 stAVAX to counterparty 0xefe6e557…, which forwards 605,391 to Hypha’s redemption contract. Supply falls from about 2.01M to about 1.37M the following week as the tokens are burned for AVAX.
Source: tx 0xe0d97f3b…; weekly totalSupply 6 to 13 Apr 2026
- 4 May 2026Filed
Filed: 575,123 stAVAX, “~42% of supply”
AVAT filed it in its S-4. At that block 0xa5ae82… holds 575,123.3 stAVAX, which is 42.60% of a 1,350,181 supply. Both the filed quantity and the filed percentage match.
Source: S-4 liquid-staking disclosure as of 4 May 2026; balanceOf / totalSupply at block 84,538,553
- 21 May 2026On-chain
Second wallet begins leaving
0xa5ae82… sends 287,421 stAVAX to the redemption contract (tx 0x00f1e795…). It is burned in batch tx 0xfcc8a410… at block 86,574,832, so the stAVAX was redeemed for AVAX and did not go to a hidden wallet.
Source: Transfer logs; batch burn tx 0xfcc8a410…
- 8 Jun 2026On-chain
Both wallets at zero
The last 287,702 stAVAX leave 0xa5ae82… (tx 0xbd5bbb0c…). Supply falls from about 1.35M to about 0.60M across late May and June. The holder of 42% of the token has left.
Source: tx 0xbd5bbb0c…; weekly totalSupply 25 May to 22 Jun 2026
- 8 Jul 2026Filed
Filed: “approximately 0%”
AVAT’s S-1 reports approximately 0% of stAVAX and sAVAX as of 8 July 2026. The exit was disclosed after the fact as a quantity, the same way the entry was.
Source: S-1 (10 Jul 2026)
- 15 Aug 2026Protocol
Hypha operations end
The protocol’s own end-of-life page says operations end 15 August 2026, and after that stAVAX stops accruing yield. gogopool.com now redirects entirely to eol.gogopool.com. Supply falls from about 580k to about 470k as holders redeem.
Source: eol.gogopool.com; totalSupply Aug 2026
- 31 Dec 2026Protocol
Redemption deadline
Holders must redeem stAVAX for AVAX before the site goes dark on 31 December 2026. The strip at the top of the page reads the redemption rate live from the contract.
Source: eol.gogopool.com
- UnresolvedOpen ?
Open: when was the wind-down announced?
Web and X searches did not turn up the date the shutdown was first announced. So the public record cannot say whether AVAT exited a known sunset, which would be prudent, or whether its 42% departure came first and contributed to the protocol’s non-viability. The Hypha docs remain live and optimistic while the main site shows only the shutdown, and that contrast is part of the gap.
The closing argument
One company was most of the token
The token’s supply followed one company: about 850k stAVAX before AVAT arrived, about 2.2M after its two wallets minted 1.18M, flat while it held, and about 600k after it left. At the May filing date AVAT held 42.6% of every stAVAX in existence. A liquid-staking token whose largest holder is one Nasdaq treasury is less liquid than the name suggests. The protocol did not outlast that holder’s departure by long, and the public record does not settle the direction of causation.
What the trail reaches, and what it does not
The stAVAX trail covers only the liquid-staking slice. AVAT’s custodied and natively staked AVAX, the bulk of the treasury, cannot be seen this way. No part of the argument alleges wrongdoing. Exiting a protocol before it shuts down is what a prudent holder does, and the open question is only who knew what, and when.
Sources
- eol.gogopool.com — Hypha end-of-life notice
- docs.hypha.sh — protocol docs (still live)
- stAVAX contract on Snowscan
- AVAT S-4 (liquid-staking disclosure)
- AVAT 424B3 (custody schedule, 27 Jul 2026)
- AVAT S-1 (10 Jul 2026)
stAVAX contract · 0xa25eaf2906fa1a3a13edac9b9657108af7b703e3