Company: MLAC
Filing Date: 2025-12-30
Form Type: 425
Source: 0001213900-25-126602
Chunk: 15

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-12-30
Form: 425
Chunk 15
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 line with spot like could be problematic. And then again,
you’re just kind of because you have to have daily redemption and creation requests, like you’re just going to be very limited
to owning the spot market. And so our hope is that for people who would like to get, you know, a differ, a different exposure and maybe
something that I would think would be hopefully more of a true exposure of the growth of the ecosystem. I think you put those two things
side by side. And I feel very good about the value proposition that we put forth. And for a lot of people, that might just seem too complicated.
And they can buy the ETF. And that’s fine, right? You know, I don’t know over time if that will get them what they’re
looking for, but I certainly understand why people would want to own it. And people in general buying AVAX is good for the ecosystem.
And we’re obviously very supportive of it. So I spent a lot of time in that industry. A lot of my friends are still working at all
of these firms. Bitwise are three guys that I’ve known for over a decade, if not longer. And so Bitwise is going to launch an AVAX
ETF. And if you want to buy an AVAX ETF, you should buy the Bitwise ETF for any of these other companies that are listing them. So yeah,
I think we’re focused, like I said, on putting our strategy together and putting forth the best strategy we can and then making
sure we’re doing it in a prudent way. It gives people the best exposure. And, you know, there’s going to be a lot of other
investment opportunities beyond crypto that were also competing for mind share. And so in reality, I’m probably more thoughtful
about how do we distinguish the opportunity versus like the field versus, you know, a comparable passive exposure or, you know, owning
spot on, you know, Coinbase or Robinhood or something like that.

Tony Edward: Yeah. Yeah. That definitely makes sense. I’m
curious. You probably can’t talk about it, but you mentioned other investments. I’m assuming that’s under wraps right
now.

Bart Smith: Right. Yeah. I mean, again, we’re still going
through kind of the registration process. And so, you know, we will be in communication with the regulators about, you know, what we’d
be interested to do. You know,