Avalanche Treasury Corporation is a publicly traded firm that accumulates and manages a treasury of AVAX, the native token of the Avalanche blockchain. The company provides public-market investors with regulated exposure to AVAX as an alternative to direct digital asset ownership. Avalanche Treasury generates value through three primary mechanisms: token price appreciation, staking yield, and capital allocation arbitrage. The company earns yield by staking its AVAX holdings through third-party validator nodes and liquid staking protocols, retaining the majority of rewards to grow its treasury. Additionally, Avalanche Treasury manages its multiple of enterprise value to AVAX holdings, known as mNAV, by issuing equity to acquire tokens when shares trade at a premium or repurchasing shares when they trade at a discount. The company operates with a lean cost structure and utilizes collateralized loans to fund operations or increase its token position. The company acquired much of its initial treasury at a discount via a partnership with the Avalanche Foundation. While the company offers active yield generation, its performance is highly sensitive to AVAX price volatility and liquidation risks from its leveraged positions. The venture fund Dragonfly maintains voting control over the company through its ownership of Class B shares.