Grayscale Investments has submitted an S-1 registration with the U.S. Securities and Exchange Commission to launch the Grayscale Avalanche Trust, a proposed spot exchange-traded fund (ETF) that would track the price of Avalanche (AVAX).
The filing, dated August 22, 2025, details how the fund will be structured, its goals, and its plan to list on Nasdaq.
Trust Structure and Operations
The trust is registered in Delaware and will issue units called Shares, which show ownership in the fund. Each Share will track the value of the AVAX tokens the trust holds, after taking out fees and expenses. Investors won’t own AVAX directly, but the ETF gives a safe, regulated way to invest in the cryptocurrency.
For its Nasdaq listing, the trust will be renamed Grayscale Avalanche Trust ETF. Coinbase Custody Trust Company will serve as custodian, Coinbase Inc. as prime broker, and The Bank of New York Mellon as administrator and transfer agent. Shares will be sold in blocks of 10,000, called Baskets, which Authorized Participants can create or redeem. Currently, only cash orders are accepted, but in-kind redemptions may be introduced after regulatory approval.
Several other asset managers, including Bitwise, Canary, CoinShares, Franklin Templeton, 21Shares, and WisdomTree, have recently submitted proposals for spot cryptocurrency ETFs.
When the filing was made, AVAX was trading around $24, with a total market value of more than $10 billion. The SEC is still reviewing the application, and no date has been set for approval. If the ETF is approved, it will give investors a way to gain exposure to Avalanche through a standard exchange-traded fund, without having to hold the cryptocurrency themselves.
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