Another heavy hitter from Wall Street is diving into the crypto treasury craze. On Wednesday, a group of investors announced that it plans to establish a $671 million company dedicated to stockpiling the cryptocurrency Avalanche. Bart Smith, the former head of the crypto arm of the quantitative trading firm Susquehanna, will be CEO.

Dubbed Avalanche Treasury Co., the company plans to go public on the Nasdaq in the first quarter of 2026 via a special purpose acquisition vehicle, Mountain Lake Acquisition Corp. Investors who contributed to the fundraise include the crypto venture capital firms Dragonfly, ParaFi, and Pantera Capital. VanEck, an asset manager that’s made significant investments into crypto, also invested.

Avalanche Treasury Co.’s $671 million valuation comes from about $44

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