Grayscale Investments, the digital asset management giant, has submitted an SEC S-1 registration statement for the Grayscale Avalanche Trust (AVAX).
The newly proposed Grayscale Avalanche Trust (AVAX) aims to operate as a Delaware statutory trust. This will provide investors with shares that represent undivided beneficial interest in the Trust and, crucially, exposure to Avalanche’s native AVAX token.
If the SEC approves, the Trust’s shares will list on Nasdaq under the ticker “AVAX.”. This offers investors the ability to trade AVAX in regulated American markets using traditional brokerage accounts.
Grayscale’s S-1 filing follows months of preparation, with its operational model echoing those of its Bitcoin and Ethereum trusts. By holding AVAX tokens on behalf of shareholders and tracking the network’s reference index price, the product aims to deliver a cost-effective, secure, and familiar route for institutional and retail investors to gain AVAX exposure without direct crypto storage concerns.
Avalanche ETF Competition
This filing comes as competition in the altcoin ETF space intensifies. Earlier this year, rival digital asset manager VanEck also filed an S-1 for an AVAX ETF. Nasdaq itself submitted a Form 19b-4 to initiate the process for listing the Grayscale AVAX fund.
The SEC has now set a deadline of July 15, 2025, to approve, disapprove, or extend the proposal for Grayscale’s trust listing under Nasdaq Rule 5711(d), which governs commodity-based trust shares.
At present, U.S. SEC approval is a requirement for both the trust’s S-1 registration and the Nasdaq rule change. This sets the stage for thorough regulatory scrutiny. The trust’s administration is by BNY Mellon, with Coinbase Custody acting as the digital asset custodian, a structure designed to instill confidence and safeguard client assets.
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