Grayscale sends S-1 documentation to SEC to list Avalanche Trust (AVAX) on Nasdaq

Grayscale Investments has filed paperwork with US regulators to launch a spot Avalanche (AVAX) exchange-traded fund (ETF) on Nasdaq. The digital asset manager submitted a registration statement on Form S-1 to the US Securities and Exchange Commission (SEC) last Friday. 

According to the filing, the shares of the proposed Avalanche Trust would commence public sale “as soon as practicable” following the effective date of approval. It follows the same structure as other crypto ETF applications, which is to provide investors with direct exposure to Avalanche through traditional brokerage accounts under the ticker AVAX.

Grayscale has selected Coinbase Custody as the fund’s custodian, while BNY Mellon will handle administration and transfer agent responsibilities.

AVAX ETF proposal comment period begins

As seen in the SEC’s S-1 filings tab, Grayscale mentioned that the trust cannot launch until the SEC approves its corresponding 19b-4 application. By law, the SEC has a maximum of 240 days to act on a 19b-4 filing.

“The Trust will not seek effectiveness of this registration statement and no offering of Shares hereunder will take place unless and until such approval is obtained, or it is determined by the Trust that such approval is no longer necessary,” the document read.

The Digital Currency Group subsidiary also noted that the prospectus was prepared on the assumption that the SEC has approved either the 19b-4 application or generic listing standards that would permit the trust’s shares to trade on Nasdaq.

Nasdaq had submitted its own application to the SEC in March 2025, seeking permission to list the Avalanche product. Grayscale said that once the registration becomes effective and trading begins, the trust will be renamed the Grayscale AVAX Trust ETF.

Prospectus outlines share creation and redemption process

According to the Grayscale Avalanche Trust preliminary prospectus, shares of the trust will only be issued and redeemed in blocks of 10,000, referred to as “Baskets.” Authorized participants may purchase and redeem baskets directly with the trust on an ongoing basis.

The trust will accept cash orders, requiring authorized participants to deposit or withdraw cash during the creation or redemption process. A separate liquidity provider, not acting as an agent of the participant, will acquire or deliver AVAX in exchange for cash tied to each transaction.

Grayscale launched its Avalanche Trust back in August 2024 to give accredited investors indirect access to the token. 

Alongside the AVAX ETF plans, the firm together with mutual fund manager VanEck updated their applications for Solana-based ETFs in early August, a procedural step often taken before the SEC issues a final decision. 

“We’ve been very selective with our single-token ETF filings this year, but today’s S-1 for the VanEck JitoSOL ETF matters: the first proposed spot Solana ETF backed fully by liquid staking, combining SOL exposure with staking rewards in a regulated, liquid wrapper,” head of VanEck’s digital asset research Mathew Sigel wrote on X.

As covered by Cryptopolitan, the US SEC delayed a ruling on Grayscale’s Solana Trust until October 10, 2025, the statutory deadline. If approved, these would become the first US-listed Solana spot ETFs.

In January 2025, NYSE Arca submitted paperwork to convert the Grayscale XRP Trust into a spot ETF, again naming Coinbase Custody as the custodian and BNY Mellon as administrator. The SEC has yet to approve a spot XRP ETF even with institutional players showing more interest in the investment vehicle. 

Like the Avalanche application, the Dogecoin ETF will follow the two-part approval process requiring both a 19b-4 exchange rule change and S-1 registration effectiveness.

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