Co-CEOs on the Rise: Spotify, Comcast, and Oracle Defy Conventional Wisdom

Spotify, Comcast, and Oracle have recently appointed co-CEOs, defying conventional wisdom that one CEO is better than two. Data shows that co-CEO companies outperform their peers with an average annual shareholder return of 9.5%. The success of co-CEO arrangements depends on complementary personalities and clear divisions of labor, as seen at Netflix. Effective co-CEO models can be beneficial for companies, providing a sounding board for ideas and helping to retain top talent.

Avalanche Treasury Co. has announced plans to go public via a SPAC merger and acquire over $1 billion worth of AVAX tokens, aiming to list on Nasdaq as AVAT in Q1 2026, subject to approvals. The company expects to fund its initial treasury with approximately $460 million and plans active on-chain strategies.

Avalanche Treasury Co. will merge with Mountain Lake Acquisition Corp., a deal valuing the combined firm at more than $675 million. The merged entity expects to list on the Nasdaq under the ticker AVAT in Q1 2026, contingent on regulatory and shareholder approvals. Emin Gün Sirer, founder and CEO of Ava Labs, will join Avalanche Treasury Co. as an adviser.

The company's strategy includes targeted protocol investments, tokenization initiatives for real-world assets and stablecoins, and building validator infrastructure. Bart Smith, the CEO, aims to offer institutional access with yield and ecosystem integration beyond simple token exposure. The company secured an exclusive relationship with the Avalanche Foundation for prioritized token sales to U.S. digital asset treasury companies.

Avalanche Treasury Co. will begin with an initial AVAX purchase at a discount to market price, with an 18-month priority on Avalanche Foundation sales to U.S. treasury companies. The target multiple of net asset value (mNAV) is 0.77, a roughly 23% discount relative to buying AVAX directly.

Large treasury purchases can reduce circulating supply and provide a predictable buyer in secondary markets, which may support price stability. The announcement coincided with a short-term AVAX price uplift.