Grayscale Files to Convert Avalanche Trust Into Spot AVAX ETF on Nasdaq
Grayscale Investments has filed with the SEC to convert its Avalanche Trust into a publicly traded spot AVAX ETF on Nasdaq, offering regulated exposure to Avalanche’s native token. The fund will track AVAX’s price and may include staking rewards, with up to 85% of holdings staked if conditions are met. Coinbase will handle brokerage and custody, while BNY Mellon will serve as administrator and transfer agent. The move expands Grayscale’s lineup beyond bitcoin and ether ETFs, as it also pursues spot funds for assets like Solana, Cardano, and Litecoin. Other asset managers, including Bitwise and WisdomTree, are similarly pushing for new crypto ETFs under the pro-crypto Trump administration. Meanwhile, Grayscale founder Barry Silbert has returned as chairman, and the firm is preparing for a potential IPO. AVAX traded around $24 with a $10B market cap following the news.