The Avalanche Treasury holds about 15 million of the blockchain’s native token, AVAX, which is trading at a five-year low.
The Avalanche Treasury Company saw a rocky start as it debuted on Nasdaq under the ticker AVAT on Thursday, with shares dropping 16% by the end of the day.
The new company gained access to the Nasdaq after merging with special-purpose acquisition company (SPAC) Mountain Lake Acquisition in a $675 million deal first announced in October.
The company, with support from institutional backers including Dragonfly, Pantera, ParaFi Capital, VanEck, Galaxy Digital and Kraken, aims to give investors exposure to the Avalanche blockchain ecosystem without holding the cryptocurrency.
