Grayscale Investments is advancing efforts to convert its Avalanche Trust into a spot exchange-traded fund, filing an S-1 registration with the U.S. Securities and Exchange Commission.
The proposed ETF, if approved, would trade on Nasdaq, giving traditional investors streamlined and regulated exposure to AVAX, Avalanche’s native token. This marks the second step in the regulatory process, following a 19b-4 submission in March.
The ETF would use authorized participants to manage cash-based creations and redemptions. Coinbase has been appointed for AVAX custody and trade execution, while BNY Mellon will serve as administrator and transfer agent.
Grayscale first launched its Avalanche Trust in August 2024, as part of its broader push into altcoin investment products. The trust currently oversees just under $15 million, with a net asset value per share of $12.20, down from last year’s peak amid a market downturn.
Avalanche’s subnets and scalability features have continued to draw developer interest despite price pressures.
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