Avalanche Treasury’s AVAT crashes 73% since NASDAQ debut, company warns it may not survive

What happened

The AVAX-focused treasury firm lost $26.78 million in its first quarter as a public company and now faces going-concern doubts Avalanche Treasury Co. went public on June 11 with a $675 million SPAC valuation and a simple pitch: buy a ton of AVAX tokens, stake them, and let.