Overview

• Grayscale filed an S-1 to convert its existing Avalanche (AVAX) Trust into a spot ETF that would trade on Nasdaq under the Grayscale AVAX Trust ETF name upon listing.
• The proposed fund would issue shares in 10,000‑share baskets for authorized participants and start with cash-only creations and redemptions, with in‑kind functionality contingent on regulatory clearance.
• BNY Mellon is named administrator and transfer agent, Coinbase is designated as custodian and prime broker, and CSC Delaware Trust Company is listed as trustee.
• The S-1 allows for potential AVAX staking under certain conditions, with the filing noting that staked tokens could be temporarily inaccessible during staking periods.
• The move follows a 19b‑4 submission in March and arrives as competitors such as VanEck pursue AVAX ETFs, while Avalanche ecosystem activity includes SkyBridge’s $300 million tokenization plan and Toyota Blockchain Lab’s MON prototype.