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Grayscale filed an S-1 to convert its Avalanche Trust into a spot ETF.
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The fund would list on Nasdaq, tracking AVAX price and staking rewards.
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Coinbase and BNY Mellon will support custody and administration.
The Filing
Grayscale Investments has filed paperwork with the SEC to turn its Avalanche Trust into a publicly traded spot ETF. If approved, the ETF will give investors regulated exposure to AVAX, Avalanche’s native token.
How It Works
The trust will passively track AVAX’s price and may include staking rewards if certain conditions are met. Up to 85% of AVAX in the trust could be staked at any time, though it will not use leverage or derivatives. Coinbase will provide prime brokerage and custody, while BNY Mellon will act as administrator and transfer agent.
Why It Matters
The move expands Grayscale’s ETF lineup beyond Bitcoin and Ethereum, as it already manages some of the largest spot funds for those assets. The filing comes amid a pro-crypto shift in U.S. policy, with several other firms also seeking approval for crypto ETFs. AVAX is currently trading around $24 with a $10 billion market cap.
