A total of 131,390,219 USDC, valued at 131,436,929 USD, was transferred from Kraken to an unknown wallet.

PumpFun deposited 67,482 SOL valued at about $4.51 million to Kraken, continuing its treasury liquidation trend, according to Lookonchain. The meme coin launchpad has now offloaded a cumulative 4.53 million SOL worth about $784.7 million at an average execution price of $173 per token.

Avalanche Treasury Co. made a rough start on Nasdaq on Thursday, opening at $2.99 and finishing its first session at $1.85 under the ticker AVAT, a 38% slide. Shares touched an intraday low of $1.75. The drop is striking given the vehicle was marketed at roughly 0.77x mNAV, implying about a 23% structural discount versus buying AVAX directly. The timing has also worked against the deal: AVAX itself is trading around $6.6, down 33% over the past month and more than 95% below its all-time high, as the broader altcoin market endures one of its weakest stretches in two years. AVAT reached public markets via a $675 million SPAC merger with Mountain Lake Acquisition Corp., announced in October 2025. The company says it is not intended to function as a passive token-holding proxy. Instead, it aims to operate an active crypto treasury, allocating capital across the Avalanche ecosystem. At launch, AVAT reported holding about 15 million AVAX tokens—around 3.5% of circulating supply—supported by an initial treasury capital base of $460 million. It also secured an exclusive arrangement with the Avalanche Foundation for discounted AVAX purchases, along with an 18-month priority window on Foundation token sales to U.S. institutional crypto vehicles. CEO Bart Smith, formerly of Susquehanna and AllianceBernstein, has positioned AVAT as an institutional operating business rather than a simple AVAX tracker, stating: "It is not a bet on price. We believe it is an investment into Avalanche that represents meaningful potential for the repositioning of institutional finance." The gap between that narrative and a $1.85 close highlights how quickly sentiment has turned. With AVAX at $6.6, the treasury's mark-to-market value has already moved materially against the company before any ecosystem deployments are executed. The "active allocator" thesis will likely require time and a visible pipeline of deals to gain credibility with public-market investors. On the chart, traders are watching $6.00 as a near-term floor. A weekly close below that level would put the $5.20–$5.40 zone in focus, the last notable demand cluster before prices revisit territory not seen since late 2020. Overhead resistance sits near $7.80, where AVAX briefly consolidated in May. A sustained reclaim of $8.50 on strong volume would shift the short-term setup from broken to neutral, while heavier resistance around $10.50 aligns with the 2025 accumulation band and would likely require a broader improvement in altcoin sentiment. Weekly RSI remains in oversold territory, resembling conditions seen ahead of AVAX's 2023 recovery, but that historical parallel depends on macro and market tailwinds that have not yet re-emerged. For now, the technical structure remains damaged; a close above $8.20 is viewed as the minimum threshold to challenge that assessment.

Ethena Labs is set to invest $250 million in Securitize's Tokenized AAA CLO Fund (STAC), according to a report citing The Block. The fund is already live on Solana. Issued by Securitize in partnership with BNY Mellon, STAC invests in U.S. dollar–denominated, AAA-rated collateralized loan obligations (CLOs). It currently manages about $102 million in assets, posts a seven-day annualized yield of roughly 2.42%, and charges a 0.3% management fee. Ethena said the allocation is intended to broaden the collateral base supporting USDe and USDtb, shifting part of its backing from crypto-native positions toward institutional-grade real-world assets. The firm is also working with managers including Janus Henderson to add its AAA-rated CLO fund, JAAA, to the USDe reserve portfolio.

Dinari has expanded its dShares catalog to the Avalanche CChain, offering 24 7 access to tokenized U S equities for users in more than 85 countries. The rollout brings over 350 stocks, ETFs and REITs onchain, with each dShare backed 1 to 1 by underlying securities held in regulated custody to preserve shareholder rights and corporate actions.

Ethena Labs plans to allocate $250 million to Securitize's Tokenized AAA CLO Fund STAC, now live on Solana. Issued by Securitize with BNY Mellon, the fund invests in USD denominated AAA rated CLOs and currently manages about $102 million, with a 7 day annualized yield near 2.42% and a 0.3% management fee.

Everstake said Cardano could be a major market surprise in 2026, citing stronger onchain signals including Santiment data showing Age Consumed hit a five week high on June 9. The firm pointed to ecosystem growth such as DeFi TVL reaching 559.4 million ADA in April, while ADA is down 48.9% year to date at $0.1699 and ranks 16th by market cap.

Avalanche Treasury Co. (NASDAQ: AVAT) began trading on Nasdaq on June 11, but the debut was marked by heavy selling. The shares closed down 38.1% at $1.85, reflecting cautious sentiment toward crypto treasury stocks as altcoins remain under pressure. AVAT is a newly listed company designed to give public-market investors exposure to the Avalanche ecosystem and its native token, AVAX. The firm launched with $460 million in treasury assets and said it has an exclusive arrangement with the Avalanche Foundation. Management positions the company as more than a passive AVAX holder, with plans to deploy capital through staking, validator operations, ecosystem investments, and treasury-management initiatives. Chief Executive Officer Bart Smith has described the strategy as a broader institutional-finance play on Avalanche rather than a simple token proxy. The company went public via a SPAC merger with Mountain Lake Acquisition Corp. (MLAC), a transaction valued at about $675 million. Trading under the AVAT ticker started June 11. Several factors contributed to the first-day slide: - AVAX weakness: AVAX was near $6.64 on June 12. The token was down about 7% over the past week and roughly 33% over the past month, and it remains more than 95% below its November 2021 all-time high of $144.96 (Source: CoinMarketCap). With AVAX near multi-year lows, appetite for Avalanche-linked exposure has been limited. - SPAC-related selling: SPAC structures can create early selling pressure. Investors who did not redeem ahead of the merger often sell shortly after trading begins, weighing on the first few sessions. - "Buy the rumor, sell the news" dynamics: The listing had been anticipated for months, and some early buyers may have treated the first day of trading as a profit-taking opportunity. - Unfavorable sector backdrop: The digital-asset treasury trade has cooled in recent months. Weekly Bitcoin inflows into treasury companies have reportedly fallen to around $266 million, compared with more than $2 billion per week earlier this year. With altcoins still struggling, investors have become more selective and increasingly want evidence of value creation beyond holding tokens. AVAT's listing is intended to bridge traditional finance and Avalanche. Many institutions face regulatory and operational constraints that limit direct crypto ownership; a listed vehicle offers regulated exposure without wallets, custody setups, or direct token purchases. A public listing can also broaden access to capital markets, potentially enabling the company to expand its treasury and fund additional ecosystem investments. At launch, management said the shares offered exposure to Avalanche at roughly 0.77 times net asset value, implying about a 23% discount versus buying AVAX directly or through other avenues. Market observers note that this level of volatility is common for crypto treasury stocks. Such equities often magnify moves in the underlying assets: premiums can emerge in bull markets on expectations of treasury growth and future capital raises, then compress into steep discounts during downturns. Comparable examples have shown similar boom-bust patterns. Bitcoin treasury firm Strategy has seen sharp drawdowns during bear markets. Ethereum treasury company Bitmine Immersion Technologies surged after adopting an ETH treasury strategy in 2025, then later fell about 88% from its peak. Solana-focused SOL Strategies has also posted large losses over the past year. The broader challenge for AVAT is convincing investors it can differentiate itself from other digital-asset treasury vehicles. While management argues the company will drive returns by actively deploying capital across the Avalanche ecosystem, the market is signaling it wants proof that the strategy can generate meaningful value before awarding a premium valuation. Disclaimer: This content is for informational and educational purposes only and does not constitute financial advice. Readers should exercise caution before taking any action related to the company.

PANews, June 12 — On-chain analyst Yujin reported that Solana ecosystem project Pump has again routed fee revenue to an exchange after a roughly two-week pause. In the past 30 minutes, Pump transferred 67,000 SOL, worth about $4.51 million, to Kraken. Since early 2024, the address has sold an estimated 4.61 million SOL of fee income in total, cashing out around $795 million at an average price of roughly $172 per SOL.