Avalanche Treasury is a publicly listed company that accumulates and holds AVAX, the native token of the Avalanche blockchain, for public-market investors. The company operates as a digital asset treasury vehicle, providing exposure to AVAX through equity shares rather than direct token ownership. Its primary business model involves raising capital through equity and debt issuances to purchase and compound AVAX holdings on a per-share basis. Avalanche Treasury generates its only current operating revenue through staking rewards, earned by committing its AVAX holdings to third-party validator node operators and holding liquid staking tokens. The company maintains a lean operating structure with a small team to minimize costs relative to its total assets. Financial results depend on the market price of AVAX, the volume of tokens held, and variable staking yields. Beyond passive accumulation, the company's strategy includes active treasury management and potential integration into the Avalanche ecosystem by operating validator nodes or investing in network-adjacent projects. Dragonfly maintains full voting control over the company through a dual-class share structure, holding all Class B shares. The company leverages its public listing to access capital from investors seeking regulated exposure to the Avalanche network.