Avalanche Treasury Co. (AVAT) – a company formed to provide institutional investors with exposure to the Avalanche network – announced it will merge with Mountain Lake Acquisition Corp. (Nasdaq: MLAC) in a transaction valued at more than $675 million.

The deal includes roughly $460 million in assets and is expected to close in early 2026, pending regulatory and shareholder approval, according to a press release. As part of the agreement, AVAT will purchase $200 million worth of Avalanche (AVAX) tokens at a discount through an arrangement with the Avalanche Foundation.

AVAX is currently trading at $31.10, up 1.2% on the day after retracing slightly from $31.31. Meanwhile, MLAC is trading at $10.45, up 2% in the past 24 hours.

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