- Grayscale filed an S-1 for the Grayscale Avalanche Trust seeking a Nasdaq listing under the ticker AVAX.
- Coinbase Custody will safeguard AVAX and Coinbase, Inc. will act as prime broker for the trust.
Grayscale Investments has submitted a Form S-1 for the Grayscale Avalanche Trust and is seeking to list the shares on Nasdaq under the symbol AVAX, with Coinbase Custody Trust Company as custodian and Coinbase, Inc. as prime broker.
The filing dated August 22, 2025 states the trust will hold AVAX and aims for its share value to reflect the underlying AVAX holdings less expenses. The sponsor indicates that, upon effectiveness and listing, the vehicle will be renamed Grayscale AVAX Trust ETF.
CSC Delaware Trust Company is identified as trustee and The Bank of New York Mellon will serve as both transfer agent and administrator.
SEC filing details cash creations and 10,000-share baskets
According to the preliminary prospectus, shares will be issued and redeemed in blocks of 10,000 known as Baskets. The trust is currently set up for cash creations and redemptions in which an authorized participant submits cash and an independent liquidity provider sources or delivers AVAX.
The document notes the trust is not yet able to process in-kind creations or redemptions, though such activity could be pursued if Nasdaq obtains additional regulatory approval that would allow in-kind transactions for this product.
Grayscale Investments has submitted an SEC S-1 registration statement to launch the Grayscale Avalanche Trust (AVAX), aiming to list it on Nasdaq. The trust seeks to track the price performance of AVAX, with Coinbase Custody serving as the custodian and Coinbase, Inc. acting as…
— Wu Blockchain (@WuBlockchain) August 25, 2025
The index methodology in the registration statement references a CoinDesk AVAX reference rate calculated at 4:00 p.m. New York time on each business day for determining the basket amount in U.S. dollars. The trust highlights that this index is used for operational calculations and is not part of the trust’s financial statements.
Nasdaq 19b-4 application remains pending before effectiveness
The S-1 explains that Nasdaq filed a Rule 19b-4 application with the SEC on March 27, 2025 to list the trust’s shares and that the offering will not proceed unless this application is approved or generic listing standards are otherwise established to permit listing.
The filing cautions that there is no assurance on the timing or outcome of the 19b-4 process and that the information is subject to completion.
The prospectus further notes the trust is not registered under the Investment Company Act and the sponsor believes it is not a commodity pool under the Commodity Exchange Act.
The document emphasizes the risks associated with digital asset volatility and the evolving regulatory environment and clarifies that investors in the trust obtain exposure to AVAX price movements without directly holding AVAX.
If approved, the shares would be sold on a continuous basis at prices influenced by AVAX and secondary market trading on Nasdaq. The trust intends to register an indeterminate number of shares, with sales at varying prices determined at the time of each transaction.
At the time of press, the price of Avalanche (AVAX) is $24.24, showing a decrease of $0.88 (-3.51%) from the previous close
