Company: MLAC
Filing Date: 2025-10-03
Form Type: 425
Source: 0001213900-25-095861
Chunk: 1

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-03
Form: 425
Chunk 1
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 the acquisition vehicle had already
been seeded.

Board members for the new company will include Rob Hadick, general partner
at the crypto venture capital firm Dragonfly, and John Nahas, chief business officer at the blockchain developer Ava Labs. The firm’s
advisory board will add other partners from Dragonfly, along with some familiar crypto names: Emin Gün Sirer, cofounder of Ava Labs;
Stani Kulechov, founder of the decentralized finance protocol Aave; and Jason Yanowitz, cofounder of the crypto media company Blockworks.

To start, the company has bought $200 million in Avalanche tokens at a
discount from the Avalanche Foundation, one of the main companies behind the eponymous blockchain. It plans to own more than $1 billion
in Avalanche cryptocurrency once Avalanche Treasury Co., whose ticker will be AVAT, combines with its acquisition target in the beginning
of next year, according to a press release.

“One thing is very clear is that investors want to get exposure to
blockchain technology and its prospects, and to date, they haven’t had a really good way to do it,” said Smith, who left his
job at Susquehanna in early September to become CEO of the new crypto treasury company.

DAT deluge

Inspired by Michael Saylor, whose software company Strategy has grown its
hoard of Bitcoin to a market capitalization of almost $100 billion, digital asset treasuries emerged in the last year or so as a hot new
crypto sector. Typically, they are formed by investors taking an already listed firm or blank check company and loading up its balance
sheet with cryptocurrency. Proponents say the financial structure gives investors who hold shares in the new company exposure to digital
assets in a way they previously weren’t able to achieve through traditional brokerage accounts. Detractors say treasury companies
are a fad.

The sector has grown rapidly and evolved beyond the model of holding just
Bitcoin. Some digital asset treasuries, or DATs, to emerge this year include firms that stockpile Ethereum as well as more exotic cryptocurrencies
like Solana and XRP.

In fact, the forthcoming Avalanche Treasury Co. isn’t even the first
DAT to stockpile Avalanche. Last week, AgriFORCE Growing Systems, a small-agricultural-tech-turned Bitcoin-mining company, announced that
it will raise $550 million through a private shares offering from Hivemind Capital and more than 50 other investors. As part of the deal,
Anthony Scaram