Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 1

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 1
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hanna. I was at Susquehanna for 13 years
collectively. Most of the time there, I ran the ETF group. I was also responsible at times for some international sales and trading stuff.
I ran our credit trading business. And then since 2014, I was responsible for anything that was digital asset related. And then kind of
in 2022, kind of given the regulatory environment, we made the decision to create Susquehanna Crypto, which was not part of the Susquehanna
group of companies. It was a separate entity outside of the Susquehanna group. It was based in the Bahamas and with offices in London
and Hong Kong, which we were a derivative trading shop, proprietary shop, market maker, and we did a fair amount of investing into the
ecosystem and a lot of DeFi. So a pretty well-rounded business there. And then departed in this late August after 13 great years there
to lead this new digital asset treasury.

Tony Edward: That’s incredible. You got a pretty strong
pedigree. You mentioned 2014. You were looking at digital assets. What was your first encounter with Bitcoin and crypto and when did it
click for you?

Bart Smith: Well, yeah, it was only one, right? Yes. 2014. So
effectively, we were just interested in the concept of Bitcoin. And we were basically just investing in Bitcoin long. There wasn’t
really much more to do there. In the ICO boom in the 2017 timeframe, we became very active in a limited number of tokens where we were
quite sure that the SEC was going to name certain commodities as commodities and not name them as securities. And so we kind of limit
our approach mostly to those names, Litecoin, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, stuff like that. And then kind of as
there was that ICO correction in 2018, you know, we went to try to kind of expand and kind of set up like a proper OTC desk. And, you
know, we just really couldn’t get terribly comfortable with kind of the legal and regulatory advice that we were getting and others
were getting. And so we kind of were very interested in the space. We made a lot of direct investments over that time. But kind of there
was a period there for a while where we weren’t as active as maybe some of the other kind of bigger U.S.