Avalanche Treasury Corp told the SEC its ability to continue as a going concern is in doubt after its Nasdaq-listed stock (AVAT) fell 93% in a month — from over $10 to under $0.73.

The firm holds ~15M AVAX (about 3.5% of supply), which it paid roughly $265M for — a position now worth less than half. It disclosed the going-concern risk in a July 1 SEC filing.

It's one of the starkest failures yet among the wave of crypto "treasury" companies that levered up on tokens.