AVAT listed on Nasdaq to offer exposure to the Avalanche ecosystem, but shares fell 16% on debut as crypto markets remained weak.

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.