Company: MLAC
Filing Date: 2025-11-21
Form Type: 425
Source: 0001213900-25-113275
Chunk: 2

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-21
Form: 425
Chunk 2
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 BitMine Immersion Technologies
(NYSEAMERICAN:BMNR) and firms such as Galaxy Digital (NASDAQ:GLXY), Jump Crypto and Multicoin Capital, which are introducing multibillion-dollar
funds for Ether and Solana, respectively.

These treasury companies not only possess assets, but also make strategic
investments to stimulate ecosystem expansion and institutional acceptance. This approach aligns with a broader industry trend of blockchain
networks becoming foundational layers in the digitization of financial markets, supply chains and enterprise systems.

“I think the area that is undervalued in the success of Avalanche
has been business and government adoption. Every week, there’s a story of major banks utilizing Avalanche infrastructure for their
own business or stablecoin rails,” said Smith. “You had the state of Wyoming issuing a state-issued stablecoin, the California
DMV digitizing over 42 million car titles, corporate sponsors with Toyota Finance, FIFA, KKR, Apollo Global Management (NYSE:APO) and
JP Morgan Chase & Co. (NYSE:JPM) using it in a variety of ways within their own financial service suite.”

While crypto asset markets remain volatile, AVAT adopts a diversified
approach combining staking, liquidity provision and options strategies to balance yield generation with capital preservation.

“The idea is to make sure that we’re getting the best return
for our investors, but we’re not stretching for yield or stretching for some sort of outsized performance,” Smith explained to INN.

“We want to create an all-weather portfolio that’s strategic
in nature, and we’re thinking of an endowment or foundation approach, where we’re taking a multi-decade approach to some of our positions.”

A microcosm of broader institutional trends

AVAT exemplifies the evolving role of blockchain and crypto assets
within the global financial system. Its journey from being a Layer 1 blockchain project to building a substantial treasury vehicle with
public market access reflects a notable trend toward convergence between traditional finance and emerging decentralized technologies.

This theme resonates widely, as the financial industry witnesses the
democratization and institutionalization of crypto through mechanisms like SPACs, regulated investment vehicles and hybrid governance
models.

Meanwhile, the tokenization of real-world assets, corporate treasury
adoption and blockchain integration into enterprise processes are collectively rewriting how value is stored, transferred and grows in
modern markets.

By blending seasoned financial expertise with
cutting-edge blockchain development, AVAT is carving a path for sustainable institutional investment in digital assets, demonstrating