Avalanche: Grayscale files ETF application for AVAX

Grayscale Investments – one of the largest asset managers in the crypto space – has filed a registration statement with the US Securities and Exchange Commission to convert its existing Avalanche Trust into a publicly traded spot ETF on the Nasdaq.
According to the S-1, creations and redemptions would be conducted in cash through authorized participants, with Coinbase providing prime brokerage services for spot AVAX execution and custody. BNY Mellon is slated to serve as administrator.
Grayscale explains that the Avalanche Trust will remain a passive vehicle that will reflect the price of AVAX. It will also implement staking and distribute the associated yield.
The issuer expects that up to 85 percent of the trust's AVAX can be staked at any time. Leverage, however, is not used.
Avalanche is a Layer 1 blockchain known for its “subnets” architecture. Nasdaq has already filed 19b-4 documents with the SEC to list and trade shares of Grayscale's proposed Avalanche ETF.
In the bull market of 2020 and 2021, AVAX was one of the biggest winners, along with other Layer 1 coins like SOL. Whether this could continue in the future can be found here: The most important market trends for 2025.

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