Head to head · The discount
A dollar of AVAX for fifteen cents
Every dot is a public company whose main business is holding a crypto asset. At 1.00 the stock is worth the same as its tokens. Strategy, the original, trades at 0.69; the two AVAX vehicles trade at 0.13 and 0.25. On a consistent basis AVX’s discount is 2.7× deeper than Strategy’s and 4.0× deeper than BitMine’s. These figures are the dated snapshots; live values load when available.
Both AVAX treasuries trade at the deepest discount of any peer, and the ranking moves with the market
Market cap ÷ value of tokens held (mNAV on an equity basis, so debt and non-crypto assets are ignored). One dot per company; 1.00× means the market prices the stock at the value of its tokens; the axis starts at zero. Live: token prices stream in (Coinbase, checked against Chainlink on-chain), Nasdaq quotes refresh every minute the market is open, and the dots slide and re-sort; a row marked snapshot is waiting on a feed.
Snapshot values (filed holdings and share counts at their own dates, spot at 2026-08-06); live figures load when available.
Source: Filed token holdings and economic share counts, each at its own as-of date: MSTR 840,447 BTC (2026-08-16), 384.2M sh (2026-07-24); BMNR 5,815,164 ETH (2026-08-16), 603.2M sh (2026-07-09); UPXI 2,361,931 SOL (2026-03-31), 85.7M sh (2026-07-02); SKYA 2,003,676 SOL (2026-06-30), 71.8M sh (2026-08-11). Equity-basis mNAV; comparability is limited by differing as-of dates. Snapshot values computed 2026-08-06 (AVX 2026-08-13, AVAT 2026-08-21).
With debt included (enterprise basis), AVAT is 0.36× and AVX 0.34×. Peer rows use each company’s latest filed holdings and economic share count (dates in the ranking’s source line); the AVAX rows use the same inputs as every other card on the site. Per-company detail: AVAT · AVX.
The SPAC structure destroyed the premium
AVAT raised $675M. Before the ticker traded, 99.3% of the SPAC trust, the cash held for shareholders until the merger closes, was redeemed, leaving $1.6M. One post counted it as “$675 million in / $19.8 million left / 3 weeks”. The attempt to compress Strategy's multi-year flywheel into a SPAC failed on arrival.
The Foundation sold to insiders at a discount
AVAT’s own prospectus puts the terms in writing: the Avalanche Foundation sold it $200M of AVAX, measured before the discount, for $50M in cash and USDC plus up to 3M shares valued at $30M. That is a 60% discount, on tokens that unlock over time. Critics called the vehicles exit ramps for discounted tokens rather than new demand.
The underlying collapsed too
AVAT paid about $265M for tokens worth roughly $106M at the scan date. That is a 2.5x asset drawdown, per its own filed cost basis, stacked under the equity discount. AVAX traded near multi-year lows.
Below NAV, buybacks beat buying AVAX
When the stock trades at a fraction of NAV, the rational use of cash is buying back shares instead of accumulating tokens. That freezes the growth case that justified a premium in the first place. AVX ran a $40M buyback, and on 26 Aug 2026 AVAT's board approved a $10M repurchase program of its own — announced in the same release that restates the strategy as accumulating AVAX.
Head to head · The insiders
Every disclosed insider trade, one axis
One time axis, two lanes. AVX brings years of history from its life as AgriForce; AVAT appears only at the far right, when it listed. Acquisitions are drawn above each line and disposals below. The exit at $0.15 and the 3.8 million options struck at $0.54 are the two trades that define them.
Between them, insiders have bought just 5,500 shares for cash; the rest is a CEO's exit at about $0.15 and 3.8m options struck at $0.54
The insider transactions disclosed by AVX and AVAT on SEC Forms 3/4/5, Jul 2023–Jul 2026, as compiled for this investigation. One circle per transaction (the 2023 sale is a former CEO's total across dozens of small lots). Circle area equals the number of shares, drawn with no minimum size, so the two cash buys are barely visible; same-day transactions stack in a column. Circles above a company's line are shares acquired, outlined for a grant or an option award and solid for an open-market buy; circles below the line are shares sold. AVAT's two circles are stock options (exercise price $0.54, granted 12 Jul 2026), sized by the shares they cover. AVAT's line is dashed before it listed on 11 Jun 2026. AVX's filings run from 2021 but its first disclosed trade is Jul 2023.
Source: SEC Forms 3/4/5 for AVAT (CIK 0002092446, 8 filings) and AVX (CIK 0001826397, 33 filings), pulled 2026-08-07.
Head to head · The people
The connective tissue
Two clusters, two sponsors, and one firm, ParaFi, connected to both. The thick lines are the relationships that decide control: who owns the votes, who manages the money. Every other line staffs, sells to, or advises.
Dragonfly controls AVAT's vote, Hivemind manages AVX's money, and ParaFi touches both
Each box is a firm, fund, or foundation; each line is a documented relationship to one of the two Nasdaq AVAX treasury companies. Thick lines are the two relationships that confer control; thin lines staff, sell to, or advise. The Avalanche Foundation also has a line to each company. Positions are hand-set for legibility, so distance means nothing.
Source: AVAT S-1/S-4, AVX DEF 14A and 8-Ks, dated press, and each person's verified account; identity claims adversarially checked 2026-08-07, both control edges confirmed (high). Layout hand-set.
Or explore it in 3D
The same network, which you can orbit. Drag to rotate, scroll to zoom, and hover any node to isolate its connections. The two thick teal tubes are the control relationships.
Sources: AVAT S-1/S-4, AVX DEF 14A and 8-Ks, dated press, and each person’s verified account. Identity claims adversarially checked 2026-08-07; the two control edges are CONFIRMED (high). Layout is hand-set so labels stay readable. Person-by-person research: AVAT · AVX.
Where the disclosure stops, on both sides
AVAT outsources its staking to three named operators; AVX runs its own nodes. The approaches differ, yet the disclosure stops at the same place: no NodeID, no wallet address, from either company. The filings and the feeds describe the structure. The chain shows the mechanics. Neither record supplies the key that would join them.
There is one exception on each side: the exact filed quantities that pinned three wallets neither company ever disclosed. That account is The Wallets, the last page of the AVAT section — its traced addresses now watched live.