U.S. Treasury · Strategy · Crypto Briefing
Avalanche Treasury Co. falls 16% on NASDAQ debut as AVAX trades near five-year lows
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The crypto treasury firm's rough first day raises questions about the viability of token-proxy stocks in a depressed market.
Key facts
- A simple back-of-the-envelope calculation: 15 million AVAX tokens at roughly $6.60 each puts the token holdings at under $100 million
- A $675 million deal valuation sitting atop less than $100 million in token value is the kind of gap that made public market investors nervous, and that nervousness showed up clearly in AVAT’s first
- The company holds approximately 15 million AVAX tokens, which account for roughly 3% to 3.5% of the token’s circulating supply
- Avalanche Treasury Co. started trading on NASDAQ under the ticker AVAT on June 11, and the market’s verdict was swift
Summary
Avalanche Treasury Co. started trading on NASDAQ under the ticker AVAT on June 11, and the market’s verdict was swift. The company holds approximately 15 million AVAX tokens, which account for roughly 3% to 3.5% of the token’s circulating supply. Avalanche Treasury Co. reached the public markets through a merger with Mountain Lake Acquisition Corp., a special purpose acquisition company. That valuation looks ambitious given where things stand today.