Nasdaq Trade Submits Submitting to Record Grayscale AVAX ETF – Decrypt

The NASDAQ change has utilized to the U.S. Securities and Trade Fee to record shares of an Avalanche exchange-traded fund issued by crypto asset supervisor Grayscale.

The 19b-4 kind for Grayscale’s AVAX ETF follows its registration as a Delaware Belief entity greater than two weeks in the past. 

If accepted, the AVAX ETF would use Coinbase Custody as its custodian, the 19b-4 reveals. 

The issuer should nonetheless file an S-1 registration assertion describing the product, nonetheless.  

AVAX, the utility token of Layer-1 blockchain Avalanche, was just lately buying and selling at $20.17, down 8% up to now 24 hours, CoinGecko knowledge reveals. 

The altcoin is the seventeenth largest cryptocurrency by market capitalization, in response to the info supplier. 

This newest signal that Grayscale might quickly file for a spot AVAX ETF comes lower than three weeks after funding agency VanEck additionally registered for an Avalanche (AVAX) ETF in Delaware. A number of asset managers already supply Avalanche ETPs, which give direct entry to the AVAX by way of regulated exchanges.

The appliance varieties a part of a broader pattern of fund issuers jockeying to introduce altcoin ETFs as federal regulators take a softer stance on crypto-based funding merchandise beneath newly elected President Donal Trump. 

The spate of functions additionally comes after the success of spot Bitcoin and Ethereum ETFs final 12 months, and as crypto-based exchange-traded merchandise pulled in $44 billion value of property in 2024. 

Grayscale already gives spot Bitcoin and Ethereum ETFs to its purchasers. It has additionally utilized to launch funds based mostly on much less traded cryptocurrencies, corresponding to XRP, Solana and Dogecoin. The Grayscale Bitcoin Belief (GBTC), a conversion from an current belief, manages almost $17 billion in property, the third most amongst Bitcoin funds behind comparable merchandise from BlackRock and Constancy. 

The Grayscale Ethereum Belief controls about $2.5 billion in property.

Decrypt reached out to Grayscale for touch upon the newest submitting.

Edited by James Rubin