Front page · Special report · Avalanche, institutional
Everything AVAX DATs
A digital-asset treasury is a listed company whose main asset is a cryptocurrency. Avalanche has two, and neither has ever disclosed a wallet address. The front carries the latest; the primer explains the machine; head-to-head puts both companies on one axis; then a section on each.
The latest · each line links to the full account
- Sep 16AVAT's traced wallets are its Anchorage account, and the other custodian gets a chapter At the last C-Chain block of 30 Jun 2026 AVAT's treasury wallet held 7,809,589 AVAX and the wallet this research called the counterparty held 2,992,571. Together that is 10,802,161 against the 10,802,156 the Q2 10-Q puts at Anchorage Digital Bank on the same date, a difference of 4.57 AVAX. The traced trail is therefore the Anchorage position, the counterparty is the second wallet in the same segregated account rather than a third party, and BitGo is confined to the pre-June wallets. The Coinbase Custody side, nine single-key P-Chain vaults on a monthly clock, takes the reconciliation to 15,266,294 of the filed 15,312,363 AVAX at one instant. Two new chapters open: Custody, and BENQI, the sAVAX position that ran between the two filing dates.
- Sep 13Twelve transfers to Coinbase, and the second Anchorage wallet empties into two more validators Read on 13 Sep at about 22:00 UTC, with the twelfth transfer following on 15 Sep. The staging wallet has sent 1,200,000 AVAX to six Coinbase deposit addresses in twelve transfers of 100,000, from 26 Aug to 15 Sep, and holds 349,668. Nine of the twelve swept to the same Coinbase hot wallet; the 4 Sep sweep went to an address labelled Coinbase internal float, the 8 Sep sweep to an address whose owner is not established, and the 15 Sep sweep to one labelled Coinbase 6. On 9 Sep the second Anchorage wallet exported 1,134,000 twice to two new P-Chain keys, which staked 1,133,999 each until 24 and 29 Sep. Validator 2's term ended on 13 Sep: its owner key reads 2,004,596 unlocked and nothing staked. What the transfers establish is that the AVAX reached those exchange addresses. Whose account they are is not established, and no sale is established.
- Sep 3500,000 AVAT AVAX at Coinbase deposit addresses in eight days, and no matching selling in the hour after each sweep As it stood on 3 Sep: a fifth 100,000 tranche at 13:59 UTC, the treasury wallet emptied into the second Anchorage wallet the day before, and a correction, that the forwarding address was the exchange's own float. Coinbase's AVAX-USD market, read for the hour after each of those five sweeps, shows four ordinary hours and one spike of taker buying. A market sale of a tranche would need 100,000 of taker selling in that hour; the most measured is 18,000. Seven more transfers followed between 4 and 15 Sep, and their market hours have not been measured. Every address on the trail is on one map, with the poisoners who shadow every transfer.
- Sep 1The invisible 2.75M AVAX traced back to a staking desk on the P-Chain Every atomic import into the exchange family walks back to one P-Chain wallet: a 2.62M consolidation in January, a rolling programme of 90-day validations on cloud hosts, and 250K exports into the same Coinbase deposit addresses when they pay out. It shares no key with AVAT's private ladder. The reading that it is a custodian staking AVAT's tokens was withdrawn on 16 Sep, when that custodian's own staking was enumerated and the desk's 1.44M AVAX proved to be outside AVAT's filed holdings at 30 June.
- Sep 1Thirteen minutes of dust tie the AVAT trail to 3.4 million AVAX of exchange flow The staging wallet dusted six Coinbase deposit addresses in thirteen minutes on 31 Aug. Two it used for size; three it had not used by this date, and those three had already taken 2,000,000 AVAX in atomic imports from a staking desk, the transfer type no EVM explorer shows. All three took their first staging transfer between 2 and 4 Sep and a second between 9 and 11 Sep. The reading that the dust identified AVAT's own deposit addresses was withdrawn on 16 Sep: two sources fed those addresses, and one of them was not this trail.
- Sep 1A third 100,000 AVAX goes to Coinbase, and the far side of the deposit comes into view Three tranches in six days, three deposit addresses, each rehearsed with dust first — and each swept onward within four minutes to a single forwarding address, which unrelated deposits reach 3 times in 27. 300,000 AVAX at the exchange; 1,249,668 still parked.
- Aug 27AVAT quietly issued 2,000,000 new shares — and its own market cap went stale A director's Form 4 shows 2,000,000 post-closing shares delivered to Astral Horizon L.P. on 25 Aug, with 237,833 repurchased at $0.5466 for tax. Class A is about 39,676,972 now, 4.65% above the count avat.com still uses. The live mNAV on this site divides by the new number.
- Aug 28The missing 4,000,000 AVAX resurfaces as two brand-new validators It left the C-Chain with no visible transaction; the atomic layer and the P-Chain name where it went — two nodes started a minute apart, one wearing the private ladder's exact 100%-fee uniform.
- Aug 26100,000 AVAX reached a Coinbase deposit address 3½ hours before the earnings call Staged out of the loan-trail counterparty since Aug 20. The trace, and the live wallet watch.
- Aug 26AVAT's first quarter as a public company: a $44.7M loss and a $10M buyback $1.54 a share — mostly market losses on the AVAX and one-time merger costs — announced in the release that restates the strategy as accumulating AVAX.
- Aug 25Nasdaq closes one of AVAT's two deficiency notices The 10-Q's $83.8M of stockholders' equity cures the $35M market-value rule; the $1.00 bid notice still runs to Feb 2, 2027.
- Aug 19The Q2 10-Q lands — and quietly corrects two numbers FalconX lent $23M of its $25M facility, not the full amount; Class A outstanding is 37,914,805; the Q1 going-concern doubt is formally withdrawn.
- Aug 13AVX reports Q2 and restructures its debenture 14,091,424 AVAX and equivalents, about 95% staked; the discount barely moved on the numbers.
The number, live · market cap ÷ value of the tokens held
AVAT
Each share priced at $0.342 has $2.69 of AVAX behind it, about $7.9 of tokens per $1 of stock.
Snapshot 2026-08-05 · AVAX $6.41 · live prices load when available
AVX
Each share priced at $3.11 has $12.27 of AVAX behind it, about $3.9 of tokens per $1 of stock.
Snapshot 2026-08-13 · AVAX $6.41 · live prices load when available
Both trade at the deepest discount of any treasury peer. The full ranking — Strategy, BitMine, Upexi, SkyAI, all live — is on Head to Head; what mNAV is and why discounts happen is the Primer.
The report · 21 pages, three sections
Avalanche Treasury Corporation →
Mountain Lake Acquisition Corp SPAC — closed 11 June 2026
Pure-play Avalanche treasury vehicle
AVAX One Technology Ltd. →
Formerly AgriFORCE Growing Systems Ltd., renamed Nov 2025
Modular AI/HPC data centres, Bitcoin mining, plus an AVAX treasury
Page 2 · New here?
The Primer →
What a digital-asset treasury is, how the flywheel works, and why premiums die — the whole machine in four beats and one chart.
Page 3 · The comparisons
Head to Head →
The live peer ranking, every disclosed insider trade on one axis, and the people network that connects the two companies.
Two companies, opposite constructions, one token — and the disclosure stops at the same place on both sides: no NodeID, no wallet address, from either company. The exception is the exact filed quantities that pinned wallets neither company ever disclosed; that account is The Wallets, now watched live.