AVAX财库公司向SEC预警：可能无法撑过今年

Yesterday, the largest publicly-traded Avalanche (AVAX) treasury company quietly told regulators it might not survive the year.

Last October, the company was talking about a $1 billion pile of AVAX tokens. Today, it has a market capitalization of less than $30 million.

Avalanche Treasury Corp also filed a dire warning about its prospects just weeks after its once-highly-anticipated Nasdaq debut that actually resulted in a 93% sell-off in its stock price.

The company’s operating subsidiary lost more than $26 million in a single quarter, almost all of it a fair-value writedown on the AVAX it had hoarded. Indeed, AVAX has lost 47% of its value year-to-date, and nearly two-thirds of its value over the past 12 months.

The company paid roughly $265 million to acquire its coins, yet by the end of March, they were worth about $123 million, leaving the position more than half underwater.

Avalanche Treasury Corporation (Nasdaq:AVAT). Source: TradingView.

AVAX treasury stock down 93% in one month

AVAT completed its merger with a blank-check company and filed listing documents in June. Optimism about the once-$10 blank check stock had already turned to pessimism. By June 10, the stock was pricing-in its deal finalization down 27% from the start of the month.

On June 10 and 11, investors, to their horror, read more documents about the deal filed with the SEC. Shares that had been trading above $10 at the start of the month closed at $1.85 per share on June 11.

Unfortunately, things have only gotten worse. Yesterday, shares were trading in penny stock territory below $0.73 per share.

In total, over the last month, shares have lost 93% of their value.

Worse, the company has also pledged a large share of its AVAX treasury to a lender, committing roughly 7.8 million of its 13.8 million AVAX as collateral on a loan.

Has the bitcoin treasury company bubble popped?

Read more: China-linked TRUMP treasury stock crashes 98% after wild buyout claim

Public company going concern

In notes attached to its most recent financial statement, the company concluded that “substantial doubt about the Company’s ability to continue as a going concern is not alleviated.”

Building a publicly-traded digital asset treasury strategy has produced exactly what skeptics warned it would. Dozens of companies have declined in value since initial exuberance during a brief, mid-2025 mania.

Protos has documented the consistent, downward-sloping arc across the treasury sector.

AVAT isn’t alone in its doomed gamble on the value of AVAX.

Consider AgriFORCE Growing Systems, a struggling agritech firm that rebranded itself AVAX One last September.

It announced a roughly $550 million raise to buy more than $700 million of the same token. Anthony Scaramucci chaired its strategic advisory board, with a crowd of crypto funds behind the deal.

This company, which has undergone a name change, now carries a market value near $43 million, down 68% year to date and 93% over the past 12 months.

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