Avalanche Treasury Co. (AVAT) has announced a definitive agreement for a business combination with Mountain Lake Acquisition Corp. (Nasdaq: MLAC), valuing the transaction at over $675 million. The deal includes approximately $460 million in treasury assets and is designed to create a leading public vehicle for AVAX exposure. As part of the agreement, AVAT has established an exclusive relationship with the Avalanche Foundation, starting with a $200 million discounted token sale. The combined company is expected to list on Nasdaq in the first quarter of 2026, pending necessary approvals. The announcement highlights participation from a range of institutional and crypto-native investors, and names Monarq as asset manager and FalconX as provider of execution and credit services. The advisory board will include industry leaders such as Dragonfly Capital's Haseeb Qureshi, Blockworks CEO Jason Yanowitz, and Aave founder Stani Kulechov.