Live · AVAX $6.36 · Traced to SEC EDGAR

Buy the company,
or buy the coin?

Two Nasdaq companies bought AVAX with shareholder money — both underwater on cost basis, but only AVAT carries token-collateralized leverage (a FalconX loan with live-price margin/default triggers).

LIVE

AVAT

−67% UW

AVX

split done · curing

mNAV (deal)

0.77×

AVAX spot

$6.36 −28.5% vs 3/31

AVATAvalanche Treasury Corp

$87.7M

−67.0%

AVXAVAX One Technology

$76.4M

−49.3%

HODLself-custody

self

0 counterparty

AVAT · FalconX Collateral Ratio

142%

default-eligible · <160%

Underwater % · AVAT

67.0%

AVAT vs cost basis

AVX · Bid-Price Cure

cure by Jul 6, 2026

AVAT Collateral Ratio vs AVAX price

derived · ratio = (5.6M × AVAX) ÷ $25M loan · thresholds 230 / 200 / 180 / 160%

Underwater % as AVAX sweeps $4 → $12

derived · 1 − (tokens × price) ÷ cost basis · AVAT ($265.29M) vs AVX ($150.55M)

⚠ Anomalies / data deltas — verification 2026-06-27

AVAT share count corrected. Not ~61.3M. After 22,846,470 MLAC shares were redeemed at ~$10.62 at closing (leaving $1,634,507 in trust), shares outstanding = 37,914,826 Class A + 5,805,639 Class B = 43,720,465. The 55,468,670 "Class A" in the 424B3 is the resale-registration maximum, not shares outstanding.^[?]
AVAT holds extra staked AVAX. Beyond the 13,785,835 AVAX, there is a separate stAVAX position ≈ $10.19M FV at 3/31 (pro-forma) — omitted from the spec.^[?]
Live AVAX ≈ $6.36 (CoinGecko/Coinbase/Kraken consensus, 2026-06-27), vs spec's $6.18 and the ~$8.90 implied by the 3/31 fair values. Underwater % and the FalconX collateral ratio are materially worse live than the 3/31 reported figures.
AVX hashrate per filings is ~218 PH/s operational → ~370 PH/s targeted, not "~300."^[?]
AVX reverse-split history partial. Confirmed 1:100 (Dec 5 2024) × 1:9 (Jul 28 2025) = 1:900; the third split needed to reach the spec's "1:45,000" is not in the FY2025 10-K — treat 1:45,000 as unverified.^[?]
Not re-traced this session: AVX 2021 IPO "$14.8M" (historical, pre-pivot) and the "$6.7M debenture raise funding the $3.04M buyback" (balance-sheet debenture Δ ≈ $6.07M). Treat as provisional.
RESOLVED (open question): AVAT's AVAX-discount is now primary-sourced — the Foundation block of 7,317,965.61 AVAX was a 60%-off deal ($80M for a $200M pre-discount basis, eff. ~$10.93/token economic). GAAP books it near pre-discount FV, so the blended $19.24 basis hides the cash discount. External "Grok" take confirmed except its ~$30 price (real signing VWAP $22–25) and "count not disclosed" (it is: 7.32M).^[?]
AVX external take cross-contaminated. Its "13.8M AVAX / 2.978% of supply" is AVAT's 13,785,835 — AVX actually holds 12,011,270.866 (3/31/26; 9,377,474 bought @ $11.73 to 12/31/25). No "Scaramucci/SkyBridge" or "$550M target" in any AVX filing. Verified: $40M buyback auth, tAVAX/Treehouse staking, inc. BC Dec 2017, CEO Kahn / CFO Polimeni.^[?]

AVAT · live position

CT Feed

verified real posts · live from the database

Market comparison · AVAT / AVX / HODL

live recompute on price change

AVAT cost-basis vs live value

cost $265.29M · live = tokens × AVAX price · gap = underwater $

AVX cost-basis vs live value

cost $150.55M · live = tokens × AVAX price · gap = underwater $

AVAT lockup-unlock timeline (Sep 2026 → Aug 2030)

7.32M AVAX · 48 equal monthly unlocks · Foundation TSA block

AVX lockup-unlock timeline (Dec 2026 → Nov 2035)

7.22M AVAX · 108 equal monthly unlocks · ~9yr tail

The Receipts — the rigorous core

same data, no jokes · every cell traces to a SEC filing · hover [n] for source

DIMENSION	AVAT	AVX	HODL AVAX

The Saga Web

every account, post and SEC filing as one zoomable graph · scroll to zoom · drag to pan · click a node

Built 2026-06-27 from a direct EDGAR pull (curl + local parse), not from market-tracker sites (which disagreed ~8× on market cap during research). Crypto-asset fair values follow ASU 2023-08 (mark-to-fair-value through net income). "Underwater %" = 1 − (tokens × AVAX price) ÷ cost basis; the 3/31 figure uses the filed fair value, the LIVE figure recomputes from the price box above. This document makes no recommendation to buy, sell, or hold any security or token. Not investment advice.