Grayscale Investments, a major cryptocurrency investment firm, has submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) to launch a spot Avalanche (AVAX) exchange-traded fund (ETF).
According to the registration statement released on Monday, Grayscale filed the documents with the SEC on Friday to convert its existing Avalanche Trust into a publicly traded ETF.
The proposed fund will use the same ticker as the Avalanche (AVAX) cryptocurrency. The fund aims to provide investors with direct exposure to the asset through traditional brokerage accounts.
Coinbase Custody will serve as the custodian for AVAX, while BNY Mellon is expected to act as the fund's administrator and transfer agent.
Grayscale's submission of the S-1 form for the spot Avalanche ETF comes months after the Nasdaq stock exchange filed with the SEC in March 2025 seeking permission to list the fund.
"In connection with the effectiveness of this registration statement and the listing of the shares on the Nasdaq stock market, the sponsor intends to rename the trust to Grayscale AVAX Trust ETF, as described in this registration statement," Grayscale wrote in the documents.
The spot AVAX application was filed a year after Grayscale launched the Avalanche Trust (an AVAX investment trust) in August 2024.
The new application aligns with Grayscale's strategy to actively expand its spot cryptocurrency ETF offerings, including ETF applications submitted earlier this year to track Ripple (XRP) and Dogecoin (DOGE).
Grayscale is not the first issuer to submit an S-1 registration statement for an ETF tracking the price of Avalanche.
VanEck, one of the early proponents attempting to launch a Bitcoin (BTC) ETF in the U.S., applied for the VanEck Avalanche ETF in March 2025, seeking to provide investors with direct exposure to the crypto asset.
Launched in September 2020, Avalanche is an open-source blockchain platform that supports decentralized applications and smart contracts. The protocol was developed by Ava Labs, a startup founded by Cornell University's Emin Gün Sirer.
Since its launch nearly five years ago in September 2020, Avalanche has established itself as a major blockchain platform, ranking 22nd by market capitalization with a market cap of $10.2 billion, according to CoinGecko data.
Unlike major crypto assets like Bitcoin and Ethereum (ETH), which surged about 70% over the past year, AVAX's price has seen a significant decline since the end of 2024.
According to CoinGecko data, after soaring to $54.2 in December 2024, Avalanche has lost 55% of its value as of Monday, trading at $24.3 at the time of writing. The crypto asset is down 35% year-to-date.
Avalanche has recently been gaining momentum, with Anthony Scaramucci's SkyBridge Capital announcing last week the launch of a $300 million tokenized project on Avalanche.
The network is also one of the blockchains where Wyoming's Frontier Stable Token (FRNT) stablecoin made its debut, alongside major platforms like Ethereum and Solana.
Related: SEC delays approval as Canary Capital applies for "Made in America" crypto ETF
Original article: “Grayscale Files for Spot Avalanche ETF with Ticker AVAX”
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