On Monday, cryptocurrency investment firm Grayscale Investments filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to create a spot Avalanche (AVAX) exchange-traded fund (ETF). This filing proposes converting Grayscale’s existing Avalanche Trust into a publicly traded ETF, a move that would provide investors with direct exposure to AVAX through traditional brokerage accounts.
This filing follows a similar application made by Nasdaq in March 2025 to list the proposed fund. If approved, the fund would be renamed the Grayscale AVAX Trust ETF. For this new fund, Coinbase Custody will serve as the custodian for AVAX, and BNY Mellon will handle the fund’s administration and act as a transfer agent.
Grayscale Expands Its Crypto ETF Offerings
The filing for a spot Avalanche ETF is the latest in Grayscale’s strategy to expand its crypto investment products. The firm also filed for ETFs tracking XRP and Dogecoin (DOGE) earlier in 2025. Grayscale is not the first company to file for a spot Avalanche ETF; VanEck also submitted a similar registration statement in March 2025.
About the Avalanche Network
Launched in September 2020 by Ava Labs, the Avalanche network is an open-source blockchain platform that supports decentralized applications and smart contracts. It is the 22nd largest cryptocurrency by market capitalization, with a market cap of over $10 billion.
In recent months, the network has gained significant momentum. SkyBridge Capital announced a $300 million tokenization project on the Avalanche network, and the blockchain is one of the platforms chosen for the debut of Wyoming’s Frontier Stable Token (FRNT) stablecoin.
