Avalanche Treasury Co., an AVAX-focused digital asset treasury firm, officially went public on Thursday following the completion of its $675 million merger with a crypto-aligned special purpose acquisition company.
The company, trading on Nasdaq under the ticker symbol "AVAT," said on Thursday that it aims to accelerate Avalanche's growth and provide investors with an opportunity to "participate in the fundamental infrastructure shift toward blockchain."
Bart Smith, CEO of Avalanche Treasury, said the company plans to allocate capital across the Avalanche ecosystem.
"AVAT intends to deploy capital deliberately to compound Avalanche’s ecosystem value over time, much like a corporate treasury," Smith said in the statement. "It is not a bet on price. We believe it is an investment into Avalanche that represents meaningful potential for the repositioning of institutional finance."
AVAT fell 38.1% to close at $1.85 on its first trading day, according to Yahoo Finance, though the stock slightly rebounded 2.7% in after-hours trading.
