Grayscale has filed an S-1 with the SEC to transform its existing Avalanche Trust into a publicly traded spot ETF on Nasdaq.
Summary
- Upon approval, the trust will be renamed the Grayscale AVAX Trust ETF and and may participate in AVAX staking under certain conditions.
- This move is part of Grayscale’s broader strategy to launch funds for other digital assets beyond Bitcoin and Ethereum.
- The filing coincides with major developments on the Avalanche network, including SkyBridge Capital’s $300M asset tokenization and Toyota Blockchain Lab’s MON prototype for global mobility solutions.
Grayscale has filed an S-1 registration statement with the U.S. Securities and Exchange Commission to convert its existing Avalanche (AVAX) Trust into a publicly traded spot Avalanche ETF on Nasdaq. Upon listing on Nasdaq, the trust will be renamed the Grayscale AVAX Trust ETF.
According to the filing, the proposed Grayscale Avalanche Trust ETF will issue shares in blocks of 10,000, known as “Baskets,” which will be created and redeemed by authorized participants. Initially, the ETF will accept only cash orders, with in-kind creations and redemptions pending future regulatory approval.
Grayscale’s spot Avalanche ETF will be administered by BNY Mellon, with Coinbase serving as custodian and prime broker, and CSC Delaware Trust Company acting as trustee.
The filing also notes that the trust may participate in staking AVAX under certain conditions, potentially earning staking rewards, though these tokens may be temporarily inaccessible during staking periods.
This filing is part of Grayscale’s broader strategy to expand its ETF offerings beyond Bitcoin (BTC) and Ethereum (ETH). The firm is currently pursuing funds for other digital assets including Solana (SOL), Cardano (ADA), and Litecoin (LTC), alongside a proposed multi-crypto fund.
This filing also comes amid a wave of major developments for Avalanche. SkyBridge Capital recently announced plans to tokenize $300 million worth of assets on the network. Additionally, Toyota Blockchain Lab is set to launch its MON prototype using Avalanche’s multi-L1 architecture.
