Grayscale filed an S-1 to convert its Avalanche Trust into a spot Avalanche ETF (Grayscale AVAX Trust ETF), aiming to give investors direct, broker-accessible exposure to AVAX with Coinbase Custody as custodian and BNY Mellon as administrator.
-
Grayscale converts Avalanche Trust to a spot AVAX ETF for broker access
-
Coinbase Custody named custodian; BNY Mellon expected to administer and act as transfer agent
-
Nasdaq previously filed to list AVAX in March 2025; registration filed with the SEC in August 2025
Grayscale Avalanche ETF filing signals a move to a spot AVAX ETF with Coinbase Custody and BNY Mellon; read how this affects investors and next steps.
What is the Grayscale Avalanche ETF?
Grayscale Avalanche ETF is a proposed spot exchange-traded fund that would convert Grayscale’s existing Avalanche Trust into a publicly traded fund. The ETF is designed to provide direct exposure to AVAX through standard brokerage accounts while leveraging institutional custody and fund administration.
How does the spot AVAX ETF structure work?
The proposed fund uses the AVAX ticker structure and would hold physical Avalanche (AVAX) tokens. Coinbase Custody is named as the custodian, and BNY Mellon is expected to serve as the fund’s administrator and transfer agent. The S-1 filing seeks SEC approval to list shares on Nasdaq after renaming the Trust to Grayscale AVAX Trust ETF.
The Avalanche ETF filing marks another step in Grayscale’s expanding suite of crypto investment products, following XRP and DOGE filings earlier this year.
Major cryptocurrency investment manager Grayscale Investments submitted an S-1 registration statement with the US Securities and Exchange Commission to convert its Avalanche Trust into a spot Avalanche ETF.
Grayscale filed the registration on Friday and released the statement publicly on Monday. The registration confirms the sponsor’s intent to rename the Trust as the Grayscale AVAX Trust ETF and to list the Shares on the Nasdaq stock market pending SEC effectiveness.
The proposed fund would offer investors the ability to gain direct exposure to AVAX through conventional brokerage accounts without requiring direct wallet custody from retail investors.
Coinbase Custody will act as custodian for the fund’s AVAX holdings, and BNY Mellon is expected to serve as the fund’s administrator and transfer agent, per the S-1 disclosure. These institutional service providers are cited to strengthen operational trust and oversight.
When did Nasdaq and Grayscale file for AVAX listing?
Nasdaq filed with the SEC in March 2025 seeking permission to list an AVAX-tracking product. Grayscale’s S-1 follows that Nasdaq submission, filed in August 2025, aligning regulatory steps toward a potential public listing.
An excerpt from the title page of the S-1 for Grayscale Avalanche Trust (AVAX). Source: SEC
The spot AVAX filing follows Grayscale’s August 2024 introduction of the Avalanche Trust. This latest S-1 continues Grayscale’s active expansion of spot crypto ETF filings, which this year included registration activity for XRP and Dogecoin-linked funds.
How should investors evaluate a spot AVAX ETF?
- Custody and security: Confirm institutional custody arrangements and audits.
- Fund fees and tracking: Compare expense ratios and tracking methodology vs. direct AVAX holdings.
- Liquidity and listing: Check listing venue (Nasdaq) and expected market makers for liquidity.
What are the key differences between the Avalanche Trust and a spot AVAX ETF?
A spot ETF offers intra-day tradability and brokerage access, while a trust may have different share creation/redemption mechanics and less flexible trading. The ETF structure typically provides tighter spreads, daily NAV calculation, and clearer regulatory oversight.
Comparison Table: Trust vs. Spot AVAX ETF
| Feature | Avalanche Trust | Grayscale AVAX Trust ETF (proposed) |
|---|---|---|
| Trading access | OTC / trust shares | Listed on Nasdaq, brokerage tradable |
| Custody | Institutional custody arrangements | Coinbase Custody (named) |
| Administration | Trust administrator | BNY Mellon expected to administer |
Frequently Asked Questions
How soon could the Grayscale AVAX Trust ETF receive SEC approval?
SEC review timelines vary; typical S-1 review cycles can range from several weeks to a few months. Approval depends on responding to SEC comments and Nasdaq listing confirmation.
Will the proposed ETF change how institutional investors access AVAX?
Yes. A listed spot AVAX ETF simplifies access via brokerage accounts and may broaden institutional participation by removing direct wallet custody complexity.
Key Takeaways
- Regulatory step forward: Grayscale filed an S-1 to convert its Avalanche Trust into a spot AVAX ETF to list on Nasdaq.
- Institutional infrastructure: Coinbase Custody and BNY Mellon are positioned to provide custody and administration services.
- Market access: A spot AVAX ETF would enable broker-based, intraday trading and potentially greater liquidity for AVAX exposure.
How to evaluate the Grayscale AVAX ETF once listed
Review the final prospectus for fees, custody safeguards, redemption mechanisms, and auditor reports. Compare expense ratio and tracking accuracy to alternative AVAX exposure options.
Conclusion
The Grayscale Avalanche ETF S-1 advances the firm’s strategy to expand spot crypto offerings, potentially bringing AVAX exposure to mainstream brokerage channels. Watch for SEC comments, Nasdaq listing confirmation, and the fund’s final prospectus for timing and investor-impact details. For ongoing coverage and updates, COINOTAG will monitor filings and regulatory developments.
