Grayscale is moving ahead with its plans to turn its Avalanche (AVAX) Trust into a spot exchange-traded fund (ETF), filing an S-1 registration statement with the U.S. Securities and Exchange Commission on Friday.
If approved, the fund would trade on Nasdaq, giving traditional investors easier access to the AVAX token through a regulated vehicle.
The move marks the second regulatory step in the conversion process, following Grayscale’s initial 19b-4 filing in March. The fund would allow creations and redemptions in cash, managed by authorized participants. Coinbase would provide the prime brokerage services, including AVAX custody and trade execution, while BNY Mellon would act as administrator and transfer agent.
Grayscale launched its Avalanche Trust in August 2024 as part of a broader expansion into altcoin-focused investment products. The fund currently manages just under $15 million in assets, with a net asset value per share of 12.20%. That’s down from a high of 27% in Dece
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