Grayscale Files S-1 Registration for Avalanche Trust Spot ETF
Grayscale is advancing its plans to convert its Avalanche Trust into a spot exchange-traded fund (ETF) by filing an S-1 registration statement with the U.S. Securities and Exchange Commission.
- If approved, the ETF would trade on Nasdaq, providing traditional investors easier access to the AVAX token.
- This filing follows Grayscale’s initial 19b-4 filing in March.
- The fund will allow cash creations and redemptions, managed by authorized participants.
- Coinbase will offer prime brokerage services, including AVAX custody, while BNY Mellon will serve as administrator and transfer agent.
- The Avalanche Trust, launched in August 2024, currently manages nearly $15 million in assets, with a net asset value per share of 12.20%.
- AVAX's trading price is $24.25, down 9% over the past year and 55% from its all-time high of $54.11.
- Institutional interest in Avalanche has increased, highlighted by Visa's integration of the network into its stablecoin settlement system.
- Grayscale joins VanEck and other asset managers in seeking an AVAX ETF, indicating investor interest beyond Bitcoin and Ethereum.
If successful, the AVAX ETF could be among the first U.S.-listed products tracking a smart contract blockchain outside major cryptocurrencies, potentially shifting traditional finance's approach to digital assets.