Grayscale has filed a registration statement with the US Securities and Exchange Commission to convert its current Avalanche Trust into a publicly traded spot ETF on Nasdaq under the ticker symbol AVAX.
The ETF seeks to provide regulated, direct exposure to Avalanche's native token, AVAX. Avax is a proof-of-stake Layer 1 blockchain known for its fast finality and subnet architecture.
The filing states that approved participants would manage creations and redemptions in cash. Coinbase would provide prime brokerage and custody services. On the other hand, BNY Mellon would work as administrator and transfer agent. The trust's investing goal is to match AVAX's price and any staking incentives, without employing leverage or derivatives.
This move is consistent with Grayscale's larger plan to grow beyond Bitcoin and Ether. They have already filed for XRP and Dogecoin ETFs. The spot AVAX ETF might boost Avalanche's institutional access, liquidity, and market adoption, representing a significant step forward in mainstream crypto finance.
AVAX was recently trading down more than 4% at roughly $24 per coin, with a market capitalization of $10 billion. The SEC's approval timeline remains uncertain as authorities carefully evaluate cryptocurrency ETFs.
