Avalanche Treasury Co. (AVAT) dropped 16% on its NASDAQ debut, closing at $1.85 as AVAX trades near five-year lows around $6.60.

Avalanche is a six-year-old blockchain built for business that counts BlackRock, Franklin Templeton and Apollo among its users.

Avalanche Treasury Co. Lists on Nasdaq With Differentiated Approach to Ecosystem Investment

The company intends to accelerate the growth of the Avalanche ecosystem and plans to acquire over $1 billion worth of AVAX over time.

Avalanche Treasury Co. (AVAT) dropped 16% on its NASDAQ debut, closing at $1.85 as AVAX trades near five-year lows around $6.60.