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roughly 3.5% of all circulating AVAX, has drawn $33M against it, and disclosed a going-concern note in its first 10-Q — withdrawn in its second.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.
04 — Insiders
The entrance
Officers and directors must disclose, under Section 16, every share they are granted, buy or sell. AVAT’s record is short for two reasons. The company is young: formed in 2025, listed June 2026. And because its Class A stock is non-voting, the prospectus says large outside holders are exempt from the 13D, 13G and Section 16 filings that would normally reveal them, so the only trades on file are management’s. The board went from three directors to four on 8 September 2026, when Virginia Gambale joined. The notable names are on its advisory board.
Board & officers
Former head of digital assets, Susquehanna. Sat on the audit committee until 8 Sep 2026, when he resigned from it; the 8-K of 9 Sep says he remains CEO and a director
Former President, Hidden Road Partners; appears publicly as Laine Litman
Ex-DriveWealth, ex-Tradeweb (avat.com bio; the SEC bio gives no dates)
Chairman & CEO, Axos Bank; the board’s only independent director and its audit-committee financial expert at the 424B3 of 21 Jul 2026. Since 8 Sep 2026 the company says the audit committee has two members qualifying as independent under Rule 10A-3 (8-K, 9 Sep 2026)
Appointed 8 Sep 2026, when the board went from three directors to four; the second audit-committee member the company counts as independent under Rule 10A-3
General Partner, Dragonfly; not independent, per AVAT’s own S-4
Ava Labs CBO; resigned effective 1 Jul 2026. avat.com now lists him on the advisory board
The roster above is the board as it stands after 8 September 2026, with each change dated on the row it changed. Committees as the 424B3 of 21 Jul 2026 described them: the CEO sat on his own company’s audit committee, and the Dragonfly partner chaired both the committee that sets pay and the one that picks directors. The company says it relies on Nasdaq’s controlled-company exemptions.
Update, 8 September 2026. The 8-K filed 9 September says the board resolved to increase the number of directors from three to four and appointed Virginia Gambale, effective 8 September, and appointed her to the audit committee. Gerald Bartholomew Smith resigned from the audit committee the same day. The filing states that he “has not resigned from any of his other positions with the Company and remains a member of the Board of Directors”, and it is signed by him as Chief Executive Officer. Paul Grinberg chairs the audit committee and also sits on the nominating and corporate governance committee and the compensation committee. The filing says the audit committee has two members who qualify as independent under Rule 10A-3, “as permitted during the phase-in period under Nasdaq Rule 5615(b)(1)(B)”. The CEO no longer sits on the audit committee.
The rest of the named staff
From FalconX, the company’s $25M lender; joined Apr 2026
Supports the executive team; joined Dec 2025
Five named people in total, per avat.com in August 2026. The Head of Marketing came from FalconX, the company’s $25M lender, a month before that loan was signed. The bio pages are the only source; no filing names either of them.
Advisory board
CEO, Ava Labs (builder of Avalanche)
Managing Partner, Dragonfly
CEO, Blockworks
CEO, Aave Labs
Chief Business Officer, Ava Labs; the director who resigned 1 Jul 2026. Not in the S-1 list; added by the company’s own investor page
Each advisory-board member is paid restricted stock units equal to 0.20% of AVAT’s fully diluted stock, on an agreement either side can end with 60 days’ notice (424B3, 27 Jul 2026).
“Emin Gun Sirer acts as Chief Executive Officer of Ava Labs, Haseeb Qureshi acts as a Managing Partner of Dragonfly Digital Management LLC, Jason Yanowitz acts as Chief Executive Officer of Blockworks Inc. and Stani Kulechov acts as Chief Executive Officer of Aave Labs.”— AVAT S-1
The trade that defines it
There is no exit to point at, because the record only just began. The largest insider event is 3.8 million stock options granted to the CEO (2.7M) and COO (1.1M) on 12 July 2026, a month after listing, each the right to buy one share at $0.54. They vest in thirds on 12 January 2027, 2028 and 2029, and vest in full on a change of control. In exchange the two waived the performance-based stock units their offer letters had promised, which the prospectus had valued at $9.0M and $2.5M. Nobody has exercised anything; the CEO owns one share outright, the COO and CFO none, and no insider has spent a dollar of their own on the open market.
An earlier version of this page described the award as shares granted at $0 on listing day. The Form 4 lists a “price of derivative security” of $0, which is the option premium, not the exercise price; the 8-K of 16 July and the 424B3 give the $0.54 strike and the 12 July date. The correction changes the reading: at the August price the options are out of the money, so management’s equity upside is now struck at a post-crash level rather than free. AVAX One’s Section 16 history runs for years and ends in a documented exit at $0.15 a share. Both timelines share one axis in the head-to-head.
Three more entries on the record
25 August, a repurchase for tax. A Form 4 from Rob Hadick reports that the issuer repurchased 237,833 shares of Class A common stock at $0.5466, held indirectly by Astral Horizon, L.P., leaving 3,762,167. The footnote says the shares “represent shares of Class A common stock repurchased by the Issuer to satisfy tax withholding in connection with the issuance of 2,000,000 post-closing shares to Astral Horizon, L.P.” under the business combination agreement. The repurchase program announced the next day is a separate matter. Nothing in this filing connects the two, and nothing in it names a funding source.
27 August, the audit chair’s options. Paul Grinberg received two grants the same day at a $0.63 exercise price: 66,363 options the footnote calls “the initial award of stock options for his service as director”, vesting in three equal instalments over the first three 12-month periods, and 26,908 the footnote calls “the annual award of stock options for his service as director”, vesting in full within a year. He held 571,281 options after them. An earlier version of the overview described the 93,271 as one annual award. It was two awards with different vesting rules.
8 September, the new director’s. Virginia Gambale received 66,512 initial options and 10,751 annual options at a $0.85 exercise price, 77,263 in total, on the day she joined the board. Both grants carry the same footnote wording as Grinberg’s. None of these three filings reports an option exercise or an open-market purchase or sale.
Source: Forms 3/4/5 for CIK 0002092446 (8 filings at the 2026-08-07 pull), the 8-K of 16 Jul 2026 (Item 5.02) and the 424B3 of 27 Jul 2026; first read 2026-08-21, updated 2026-09-13 with the Forms 3/A and 4 of 27 and 31 August and 10 September and the 8-K of 9 September.