Company: MLAC
Filing Date: 2025-11-21
Form Type: 425
Source: 0001213900-25-113275
Chunk: 1

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-21
Form: 425
Chunk 1
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 and plans to acquire US$200
million more in AVAX tokens, the company aims to create a US$1 billion AVAX treasury. A Nasdaq listing is planned for early 2026.

2025 Crypto Market: Q3 Review and Forecast

This controlled, active treasury offers an alternative to passive index
funds or exchange-traded funds, specifically designed for institutional clients seeking strategic participation in Avalanche’s blockchain
network.

“The idea is to have a permanent capital vehicle. One of the
benefits of not having to respond to creations and redemptions on a given day is that you can take a more strategic approach in what you’re
doing,” said Smith.

AVAT’s differentiation lies in its regulated, transparent investment
vehicle, developed under the oversight of seasoned professionals. Smith brings a wealth of experience, serving as a senior executive at
Susquehanna International Group before leading AVAT, where he specialized in crypto trading and market-making across digital assets.

The advisory team also features prominent crypto pioneers such as Stani
Kulechov of Aave and Jason Yanowitz of Blockworks, alongside experienced executives bringing operational and strategic expertise.

Such a combination of governance, knowledge and regulatory compliance
helps mitigate the risks and opacity that have historically deterred institutional capital from crypto markets.

“I spent most of my career in what people now label traditional
finance. I’ve worked in asset management and wealth management. I’ve worked on some of the largest trading desks in the world. So I think
what I’ve learned over time is (that) surrounding yourself with smart people generally makes your job easier,” Smith noted.

Ecosystem growth through strategic investment

Beyond simply holding AVAX, AVAT plans to actively support ecosystem
expansion.

“Between now and our business combination, I think we’re
most likely just going to be kind of staking and liquid staking. I think post-business combination, the idea is to try to add diversifiers
and other exposures that you wouldn’t get in a traditional passive investment,” Smith commented to INN.

“That could be owning a validator and running our own nodes, it
could be running some volatility strategies using options or it could be investing equity into L1s and applications that are building
on top of Avalanche.”

Through such treasury-backed infrastructure investments, Avalanche
looks to deepen its network effects and catalyze sustainable adoption. This trend mirrors a larger institutional movement from companies
like Strategy (NASDAQ:MSTR), which is developing a treasury strategy centered on Bitcoin accumulation, or