BlockBeats News, June 12th, the Avalanche Treasury Company was officially listed on Nasdaq under the code AVAT on Thursday, but the first day of trading encountered selling pressure, with the stock price falling 16% from the opening price to close at $1.85.

The company went public through a merger with the SPAC Mountain Lake Acquisition, with a total transaction size of approximately $675 million, receiving support from institutions such as Dragonfly, Pantera, ParaFi Capital, VanEck, Galaxy Digital, and Kraken.

Avalanche Treasury holds about 15 million AVAX tokens, aiming to provide investors with exposure to the Avalanche ecosystem without directly holding the coins. CEO Bart Smith stated that this strategy is not a direct bet on the price but a long-term investment in the potential of institutional financial restructuring.

Despite attracting over 550 projects and over $1 billion in institutional funds since its launch in 2020, the Avalanche ecosystem's native token, AVAX, has recently come under noticeable pressure, with the price falling to near a five-year low.

Market data shows that AVAT's debut performance continued the broader trend of weakness seen in crypto "Digital Asset Treasury (DAT)" companies. Previous listing entities in this category such as Strategy, Bitmine, and SOL Strategies have all experienced significant pullbacks, reflecting the ongoing valuation pressure on such assets in the crypto bear market environment.