Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 11

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 11
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 provide exposure to your investors. Because in theory, you hope this doesn’t happen. But on some given day, everybody
could come and rush to want to redeem. And so you need to be able to meet those redemptions. And that is very limiting in what you can
do to try to maximize a longer term strategy. So yeah, I think that in the evolution of kind of these digital asset treasuries, I think
that’s the most compelling argument that people will come to realize of like, this is just a better structure to invest in an early,
what is still, in my opinion, a very early emerging technology.

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Tony Edward: So on that note of it being a early emerging technology,
I wanted to get your take on this trend and how long you think it lasts, you know, where this asset class grows and there’s maybe
less volatility, but there is the staking and, you know, DeFi component where you can do a lot more with the asset, right? But, you know,
let’s say a bear market or a market downturn rolls around. How are you preparing for that? And do you see other DATs failing? You
know, maybe some consolidation and things like that?

Bart Smith: Yeah, I mean, I can’t speak to how other people
are thinking about it, but like the thing that I found most surprising about that, you know, that sell-off, you know, whatever at this
point it was, like three Fridays ago, was how surprised that people were, right? Like it’s like these asset classes are very volatile
because they’re early stage. All good new ideas are volatile, right? And so, you know, you have to have the expectation that, you
know, when volatility or when, you know, a sell-off happens, like you need to be prepared that that could be, you know, a pretty meaningful
sell-off and it could last for a long time. My first job out of college, I worked at Payne Weber, which was later acquired by UBS. And
the market was at the very end of the internet.com bubble. And so for the first like four or five, six months I worked there, the market
just went up. Right. And then it went down for three years. So, you know, 2000, 2001, 2002, all negative years for the S&P 500. So