In the vast and ever-changing landscape of financial markets, Grayscale Investments, a name well-known in the annals of investment firms, has once again set forth on a grand adventure. This time, they have laid their sights upon the majestic peaks of Avalanche, aiming to establish a spot Avalanche exchange-traded fund (ETF) that would proudly stand on the Nasdaq Stock Market under the noble ticker “AVAX.”
Nasdaq Could Host Avalanche ETF if Grayscale’s Plan Clears SEC
The Form S-1 filing, a document of considerable import, was dispatched by Grayscale to the U.S. Securities and Exchange Commission (SEC), detailing the creation of a Delaware statutory trust. This trust, like a knight sworn to a single cause, is dedicated solely to the holding of AVAX tokens, thus providing the noble investors of our time a means to track the fluctuating fortunes of this asset through the familiar guise of a traditional securities product. The fund’s lofty goal is to ensure that its share value mirrors the price of AVAX, save for the minor expenses that are the bane of all such ventures.
According to the AVAX prospectus, shares shall be issued and redeemed in large blocks of 10,000, known as baskets, by those select few known as authorized participants. In the early stages of this grand enterprise, these transactions shall be conducted in cold, hard cash. However, the filing does not shy away from mentioning the uncertain path ahead, noting that while the SEC has allowed in-kind creations for other crypto ETPs, it remains a mystery whether or when Nasdaq will embark on a quest to change the rules to permit such methods here.
The trust, much like a rogue knight, does not seek the protection of the Investment Company Act of 1940, and thus does not bear the same safeguards as the more traditional mutual funds. Grayscale, ever the cunning strategist, asserts that the trust is not a commodity pool, thereby placing it beyond the immediate jurisdiction of the Commodity Futures Trading Commission (CFTC).
AVAX, a token of considerable repute, stands as the 17th largest crypto by market capitalization, boasting a value of $10.26 billion as of Aug. 25, 2025. Despite its recent gains of 2.9% this week, it has faced a slight decline of 2% over the past 30 days. Yet, even in its current state, AVAX remains more than 83% below its glorious peak of nearly $145 per coin, reached in the fateful month of November 2021. In a recent turn of events, AVA Labs has forged an alliance with the venerable Toyota, penning a blockchain white paper that proposes a cross-border mobility protocol. The fate of this registration, however, hangs in the balance, dependent as it is on the SEC’s approval of Nasdaq’s 19b-4 application to list the shares, a step fraught with uncertainty.
This latest endeavor is but one chapter in Grayscale’s ongoing saga to transform its single-asset cryptocurrency trusts into ETFs, a strategy born from the successful conversions of the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) in 2024. This year alone, the firm has filed for multiple spot crypto ETFs, each tied to a different digital asset, a testament to their unwavering ambition and strategic foresight.
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2025-08-25 19:57