Grayscale Files for Spot AVAX-ETF Listing on Nasdaq

The Nasdaq Exchange has submitted a 19b-4 filing to the U.S. Securities and Exchange Commission for the listing of a spot exchange-traded fund (ETF) based on Avalanche, developed by Grayscale.

If approved, Grayscale will transform its product, the Grayscale Avalanche Trust, which was launched in August 2024.

According to the filing, the trust’s assets will consist solely of the native AVAX token. The ETF aims to track the value of the underlying asset based on indexed pricing.

Coinbase is designated as the custodian for this product, while BNY Mellon Asset Servicing will act as the administrator and transfer agent.

On March 14, VanEck submitted an S-1 filing for a similar product.

As of this writing, AVAX ranks 17th among cryptocurrencies by market capitalization, standing at $8.28 billion. Over the past 24 hours, the token has dropped by 1.2%, now priced at $19.95.

It’s worth noting that in December 2024, the Avalanche team released a significant update called Avalanche9000, which reduced the cost of deploying Subnets by 99.9% and cut transaction fees on the C-Chain—used for Ethereum-compatible smart contracts—by 25 times.