Grayscale Files S-1 to Launch Spot AVAX ETF on Nasdaq

Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Avalanche Trust into a spot AVAX ETF listed on Nasdaq. According to the filing on August 22, the ETF will provide regulated exposure to AVAX, the native token of the Avalanche blockchain.

Avalanche is a Layer 1 Proof-of-Stake blockchain known for its “subnets” architecture and fast finality. Creations and redemptions of the ETF will be handled via authorized participants in cash, with Coinbase providing spot AVAX brokerage and custody services. BNY Mellon will act as administrator and transfer agent.

Grayscale stated that the Avalanche Trust will remain a passive vehicle designed to mirror AVAX’s price and any staking rewards, if staking is implemented. The trust will not use leverage or derivatives, nor pursue other returns. Up to 85% of AVAX could be staked under the specified conditions.

This move expands Grayscale’s reach beyond Bitcoin and Ethereum. The firm currently manages two of the largest spot BTC ETFs and an ETH ETF on Wall Street. Additional crypto ETFs, including DOGE, SOL, ADA, and LTC, are pending SEC approval.