Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 14

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 14
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just buying the index. And there’s just like, there was a lot of FUD around ETFs and how it was a, you know, this like this really
risky, dangerous, unproven structure. And now here we are, you know, fast forward to 2025. And people are saying, well, these digital
asset treasuries, you know, have all of these shortcomings. You should have been putting it into an ETF, right? And so it’s just
funny how things evolve over time as people become familiar with structures. An ETF is not good or bad. It is just a wrapper, right? It’s
a function of what you put in it. And the same way a digital asset treasury is not good or bad, it’s just a function of like what
is in it and what do you do with that capital. ETFs are like one of the most democratizing structures that have financial services has
ever created. It allowed people to get exposure to gold and to a whole host of things that an average small institution or high net worth
investor didn’t have access to. And so if people want to use ETF to get exposure to AVAX or any other crypto, that is net positive.
And I’m very supportive of that. I would argue to the points I made earlier that just owning the AVAX token itself and then staking
that for whatever amount that they’re going to be able to stake, given the fact that they’re going to have to respond to daily
creation redemption requests. And then the ability to trade that asset and keep that in line every day in the marketplace. It could be
an expensive proposition. I think by and large, market makers in the competitive marketplace will figure it out. But it’s not totally
clear to me how efficient a vehicle you’re going to have for, you know, AVAX or some of the other tokens that aren’t Bitcoin
and aren’t Ethereum. Right. And so to me, I think that there’s, you know, we’ve seen these digital asset treasury structures
over, you know, the last couple of years. And so there’s like, I think in my mind, there’s probably more certainty in my,
in my, from my position of, of what, you know, what that looks like day to day. And less so in all of these new ETFs that are coming out,
like managing that asset day to day and having market makers keep that price in