Avalanche Treasury Corporation · NASDAQ:AVAT
Avalanche Treasury — SPAC Merger (October 2025)
35 slides from Avalanche Treasury's SPAC merger presentation, Oct 2, 2025
Slide 1: Avalanche Treasury Co. AVAX Digital Asset Treasury Company
Avalanche Treasury Co. AVAX Digital Asset Treasury Company October 2025 | Strictly Private & Confidential
Slide 2: Disclaimer
2 Disclaimer THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED OR COMMUNICATED DURING ANY PRESENTATION OR DELIVERY OF THIS PRES ENT ATION ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA OR ANY J
Slide 3: Disclaimer (Cont'd)
3 Disclaimer (Cont’d) Confidentiality This information is being distributed to you on a confidential basis. By receiving this information, you and your affiliates and Representatives agree to maintain the confidentiality of the information contained herein. Without the express prior written co nsent
Slide 4: Disclaimer (Cont'd): Industry and Market Data
4 Disclaimer (Cont’d) Industry and Market Data This Presentation has been prepared by the Parties and their Representatives and includes market data and other statistical i nfo rmation from third - party industry publications and sources as well as from research reports prepared for other purposes.
Slide 5: Avalanche Treasury Co. is the Premier Company Providing Access to the Avalanche Network
5 Avalanche Treasury Co. (“AVAT”) is the Premier Company Providing Access and Exposure to the Avalanche Network 1 Exclusive Relationship with the Avalanche Foundation (“The Foundation”) 2 Industry Leading Management Team & Avalanche - Aligned Advisory & PubCo Board Attractive Investor Economics & Un
Slide 6: Exclusive Relationship with the Avalanche Foundation
Financial Systems Tokenization Platforms Cloud & Supply Chains Sports & Entertainment Retail Investors RIA and Wealth Managers TradFi Institutional Investors Current AVAX Holders 6 Exclusive Relationship with the Avalanche Foundation Designed To Broaden Investor Exposure to Avalanche's Real World Us
Slide 7: AVAT + Avalanche Foundation Relationship Designed to Create Structural Alignment
Strategic Advisors from Members of Ava Labs Founder Emin Gün Sirer and Chief Business Officer John Nahas to be on the advisory board and public company board, respectively Proprietary Deal Flow Exclusive relationship will bring direct and preferential access to leading DeFi and L1 opportunities, inc
Slide 8: Seasoned Leadership Team With Deep Institutional & Avalanche Connectivity
8 Seasoned Leadership Team With Deep Institutional & Avalanche Connectivity > 20+ years of experience at Susquehanna, AllianceBernstein and UBS > Deep expertise that spans digital assets, proprietary trading, asset management, market making, private investments, and institutional capital markets > F
Slide 9: Avalanche is Powering Real World Use Cases
9 Avalanche is Powering Real World Use Cases Across Finance, Payments, Corporate / Enterprise, Government, Gaming, Sports and Entertainment State of Wyoming Largest Bank in U.S. >$2 billion Average Daily Transaction Volume Across Kinexys ($686bn AUM) Largest Cloud Provider in the World Largest Autom
Slide 10: Market Capitalization Evolution
Market Capitalization Evolution (1) 10 Unique Investment Opportunity in the Early Days of Business Blockchain Adoption As institutional adoption of blockchain continues to accelerate, Avalanche represents a novel opportunity to invest in the next - generation of infrastructure technology on which al
Slide 11: Compelling Access to AVAX At Scale With Attractive Economics
11 Compelling Access to AVAX At Scale With Attractive Economics Discounted Access Exclusive Relationship Aligned Structure • Initial investment of a minimum of $200mm of AVAX from the Foundation at a 60% discount (1) • 18 - month exclusivity with the Foundation for DAT transactions and ROFR to buy d
Slide 12: I. Our AVAX Thesis
I. Our AVAX Thesis
Slide 13: Consensus is Building For Broad Institutional Adoption of Digital Assets
13 Consensus is Building For Broad Institutional Adoption of Digital Assets Trump’s Crypto Working Group Pushes For Clearer Rules As Adoption Grows GENIUS Act Is a Promising Step for Crucial Stablecoin Regulation Why Stablecoins Are Shifting From Crypto Fringe To Corporate Strategy Crypto's $4 Trill
Slide 14: Market Forces Are Now Aligning to Foster Broad Institutional Blockchain Adoption
14 Market Forces Are Now Aligning to Foster Broad Institutional Blockchain Adoption Establishing Broad Based Institutional Trust Why Avalanche Is Well Positioned Demonstrated Institutional Adoption Across Financial Services, Governments, and Corporates Enterprise - Ready Protocols with Native Intero
Slide 15: Key Features of Avalanche
Key Features of Avalanche 15 Institutional Needs Driving Avalanche Adoption Attractive Tokenomics – capped supply, burn mechanism, ~41%+ staked, and alignment with ecosystem stakeholders Deep and Liquid Market – top 20 market cap rank, strong trading volumes Purpose Built Layer 1 – native scalabilit
Slide 16: Avalanche L1 Infrastructure
Avalanche L1 Infrastructure Custom Gaming The Avalanche Operating System Branded Enterprise Payments RWA Corporate Unique Multi - L1 Framework • Avalanche’s L1 technology provides turnkey block space to institutions and enterprises, while enabling individualized control and management of their own e
Slide 17: Avalanche Has Been Backed by Well-Known Institutional Investors
17 Avalanche Has Been Backed by Well - Known Institutional Investors And over 40 top - tier investment firms...
Slide 18: Avalanche Adoption Has Outpaced Market Recognition
10.0x 128.6x 110.0x 106.4x 95.5x 15.5x 11.3x 13x 79x 949x 18x 94x 60x 9x 0.2x 11.4x 24.9x 4.3x 2.6x 0.2x 0.1x 18 Avalanche Adoption Has Outpaced Market Recognition Source: Binance, Defillama, CoinMarketCap, CoinGecko, and Avalanche Network. Note: Market data as of 9/29/2025. ~$2.2 billion / +108% Yo
Slide 19: II. Avalanche Treasury Co. Strategy
II. Avalanche Treasury Co. Strategy
Slide 20: Avalanche Treasury Co. Corporate Strategy
20 Avalanche Treasury Co. Corporate Strategy Seeded by the Avalanche Foundation’s AVAX token sale agreement and aligned incentives with top stakeholders Active treasury management: staking, validator fees, L1 activation, corporate development Regulated, liquid public vehicle that provides turnkey AV
Slide 21: Providing Differentiated Investor Access
21 Providing Differentiated Investor Access Avalanche Treasury Co. Passive Accumulation - Focused DAT Exchange Traded Funds Dynamic staking, validator yield, liquidity buffers Buy & hold Market beta only (no yield) Treasury Management Validator operations and corporate development and engagement Non
Slide 22: Activating Ecosystem Engagement To Create Token Value
22 Activating Ecosystem Engagement To Create Token Value Broader Investor Access L1 & Protocol Activation Transaction Growth Improved Validator Economics Treasury Yield & Optionality Increases Higher Burn & Network usage Expanding Token Velocity = Impacted by AVAT
Slide 23: Our Active Treasury Strategy
AVAX Staked Core Private Agreements Liquidity Provisioning Activation Sleeve For L1s & Protocols Conservative Volatility Strategies Lending, DeFi & RWA 23 Our Active Treasury Strategy Treasury Policy and Reinvestment 1 2 5 3 Lending & Volatility Strategies: Provide capital to traders / market makers
Slide 24: Value Creation Framework
Issue stock at a premium to the AVAX NAV per share Use balance sheet to support growth of premier L1 ecosystem Issue convertible bonds and other equity - linked securities Generate staking rewards and other operating income to acquire more tokens $10.00 @ Launch Illustrative 24 Value Creation Framew
Slide 25: III. Transaction Summary
III. Transaction Summary
Slide 26: Transaction Summary Overview: Sources & Uses
Sources $mm AVAX Contribution - Foundation $30 AVAX Contribution - Equity Private Placement (Unlocked) 116 AVAX Contribution - Equity Private Placement (Locked) 39 Cash Contribution - Equity Private Placement 119 Total Sources at Signing $304 26 Transaction Summary Overview (1) Sources & Uses – At S
Slide 27: Pro Forma Ownership Overview
27 Pro Forma Ownership Overview Pro Forma Share Capital (1) Equity Assumptions: • Equity Private Placement In - Kind Contribution Value (Excl. Foundation Contribution) : $155 million (3) • Equity Private Placement Cash Contribution Value: $119 million De - SPAC Assumptions: • Public SPAC Shares at C
Slide 28: Mountain Lake AVAT Inc. (ListCo.) Transaction Structure
Mountain Lake AVAT Inc. (ListCo.) Transaction Structure 28 • Avalanche Treasury Co. Inc (“ ListCo ”) and Mountain Lake Acquisition Corp. (“Mountain Lake” or “SPAC”) to consummate a forward triangular merger. Non - redeeming SPAC securityholders to receive ListCo Class A non - voting shares • ListCo
Slide 29: Summary of Tokens Contribution / Purchase
Summary of Tokens Contribution / Purchase Contribution Contribution Token Token-Based Contributed / Purchased Value ($mm)Reference Price (Terms)Reference Price ($) Count (mm) NAV Build Foundation Contribution $200 30-Day VWAP $27.33 7.3 AVAX Tokens on B/S (mm) 15.0 Equity Private Placement Cash Proc
Slide 30: Private Placement Terms
Avalanche Treasury Co. LLC (“SPV”) Issuer Class A Non - Voting Units (the “Units”) (1) Securities Offered $10.00 per share Offering Price $304mm; includes assumption of $119mm contributed as cash, $116mm contributed as unlocked AVAX (2) , $39mm contributed as locked AVAX, and $30mm contributed In -
Slide 31: IV. Appendix
IV. Appendix
Slide 32: Powered by Avalanche Case Study: J.P. Morgan, Apollo & WisdomTree
32 Powered by Avalanche Case Study : J.P. Morgan, Apollo & WisdomTree | Tokenized Alternative Asset Portfolio Management Platform Institutional tokenized wealth management made scalable, efficient, and interoperable Proof - of - Concept Overview Why Avalanche Avalanche enabled Onyx to prove that ins
Slide 33: V. Risks
V. Risks
Slide 34: Risk Factors
34 Risk Factors CERTAIN FACTORS MAY HAVE A MATERIAL ADVERSE EFFECT ON THE BUSINE SS, FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF AVALANCHE T REASURY CORPORATION, A DELAWARE CORPORATION (" PUBCO "), AVALANCHE TREASURY COMPANY LLC, A DELAWARE LIMITED LIABILITY COMPANY (THE "COMPANY") AND/OR MOUNT
Slide 35: Risk Factors (Cont'd)
35 Risk Factors (Cont’d) Risks Related to the Business Combination • The market price of Pubco Class A Common Stock after the Business Combination will be affected by factors different from those currently affecting the pr ices of Class A ordinary shares of Mountain Lake ("Mountain Lake Class A Ordi