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roughly 3.5% of all circulating AVAX, has drawn $33M against it, and disclosed a going-concern note in its first 10-Q — withdrawn in its second.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.
03 — Operators
Outsourced to named operators
AVAT does not run its own validators. It outsources to named firms: three written into its S-1 and a fourth added by the resale prospectus of 27 July, one of the few places where the paper trail gives checkable names. (AVAX One took the opposite route and runs its own.)
“The Company participates in staking activities on the Avalanche network through validator arrangements with Chorus One AG, Tarmac Labs Inc., and ParaFi Technologies LLC. Under these arrangements, the service providers operate and maintain validator node infrastructure … under the direction of the Company. The Company sets the contractual staking terms, which could range from 14 to 365 days.”— AVAT FORM S-1, FILED 2026-07-10 · SEC ACC 000110465926082644
ParaFi Technologies LLC
Operates private validator nodes
Non-custodial; either party may terminate on 15 days' notice. ParaFi Capital LP also holds 5.6% of AVAT's Class A shares.
Invoiced monthly, settled in fiat
Chorus One AG
Operates and maintains validator node infrastructure
Under the direction of the Company, which sets the contractual staking terms. The 424B3 adds a 99.5% uptime commitment, quarterly invoicing and 30 days’ notice to end it.
Settled in AVAX at fair value
Tarmac Labs Inc.
Operates and maintains validator node infrastructure
Same arrangement type as Chorus One; the Company sets terms ranging 14–365 days. The 424B3 adds: up to 25 validators, at least 250,000 AVAX each, a 99% monthly uptime SLA, 120 days’ notice.
Settled in AVAX at fair value
Republic Crypto LLC
Hosts and maintains validator nodes (424B3 only)
Named in the 424B3 of 27 Jul 2026, not the S-1: an infrastructure-services agreement with a minimum stake of 500,000 AVAX per validator, which AVAT can end on 30 days’ notice. The 500,000 floor is a size fingerprint the fleet scan can test.
Terms as filed; settlement not stated
The filing even counts them: “For the period from August 20, 2025 (inception) through December 31, 2025, the Company staked to 13 validator nodes. As of July 8, 2026, the Company staked to 7 validator nodes.”. That is 13 nodes in 2025 and 7 by mid-2026. Twelve days later the 424B3 says “As of July 20, 2026, the Company staked to 9 validator nodes.”, so the count moves between filings. The same filing puts 47.2% of the treasury staked and 99.96% in cold storage as of 20 July; less than half the AVAX is earning. Operators take 2.5–3.0% of staking rewards, reward periods run 15 to 60 days, and a validator that drops under 90% uptime forfeits the whole period’s rewards.
Where the names stop helping
Naming the operator still does not identify the wallet. The filings contain no NodeID and no address, anywhere. Knowing that ParaFi runs 7 private nodes for AVAT does not say which of the network’s hundreds they are, because ParaFi serves many clients.
The same limit recurs across the AVAT tabs. The filings give the structure. The chain shows the mechanics. Neither supplies the join between them, and the map should say so. How AVAX One reaches the same point from the other direction is on its own operators tab.