Avalanche Treasury Company (AVAT), a Nasdaq-listed company, said it held about 15.3 million AVAX as of June 30, with a carrying value of roughly $100 million, according to Business Wire. The company reported net staking income of $1.5 million in the second quarter and $3.6 million for the first half of the year. AVAT posted a net loss of $44.7 million for the second quarter. Of that amount, about $35.7 million was tied to fair value changes in its AVAX holdings, realized losses and impairment, while another roughly $15.2 million came from one-time transaction costs related to completing a business combination. At the same time, the company’s board approved a Class A common stock repurchase program of up to $10 million.
Nasdaq-listed Avalanche Treasury Company (AVAT) said it held about 15.3 million AVAX as of June 30, with a carrying value of roughly $100 million, according to Business Wire.
On operations, the company reported net staking income of $1.5 million in the second quarter and $3.6 million for the first half of the year.
What drove the second-quarter loss
AVAT posted a net loss of $44.7 million in the second quarter. About $35.7 million of that total came from fair value changes in its AVAX holdings, realized losses and impairment. Another roughly $15.2 million was recorded as one-time transaction costs tied to the completion of a business combination.
Board clears stock repurchase plan
The company also said its board approved a Class A common stock repurchase program of up to $10 million.
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