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 gains multiple NASDAQ-listed products including AVAX One, Grayscale and VanEck ETFs, and a $675M SPAC deal as the crypto proxy trade accelerates.