By Grayscale has filed a registration statement with the US Securities and Exchange Commission (SEC) to convert its Avalanche Trust into a spot Avalanche (AVAX) exchange-traded fund (ETF).
If approved, the fund would trade under the ticker “AVAX” on Nasdaq and offer investors direct exposure to Avalanche through standard brokerage accounts.
The move marks an expansion of Grayscale’s strategy beyond Bitcoin and Ethereum, aiming to bring institutional access to altcoins.
Grayscale expands ETF efforts with Avalanche filing
The S-1 filing shows Coinbase Custody Trust Company lined up as custodian, with BNY Mellon acting as administrator and transfer agent.
Nasdaq, which submitted a 19b-4 filing in March 2025 to list the ETF, remains central to the process.
According to the registration, once effective, the trust will be renamed “Grayscale AVAX Trust ETF” and trade publicly.
This comes as part of Grayscale’s wider push to grow its ETF offerings beyond Bitcoin and Ethereum.
Earlier in 2025, the firm filed for XRP and Dogecoin ETFs, underscoring its intention to create regulated investment products for multiple altcoins.
Institutional access to Avalanche through an ETF structure
If cleared by the SEC, the spot AVAX ETF would give institutional and retail investors a regulated channel to gain exposure to Avalanche.
The structure would eliminate the need for direct crypto exchange purchases, making access easier for traditional finance participants.
An ETF could also enhance liquidity and strengthen price discovery for AVAX.
For Avalanche, which has often been overshadowed by Bitcoin and Ethereum in mainstream finance, this development would represent a chance to solidify its presence in the market.
SEC scrutiny over altcoin ETFs continues
The SEC’s stance on altcoin ETFs remains cautious.
While spot Bitcoin and Ethereum ETFs have already advanced, regulatory concerns over potential market manipulation and investor protection persist with smaller digital assets.
The outcome of the review is being closely watched across the digital asset industry, as it will not only affect Avalanche but could also set a precedent for other altcoin ETF applications.
Altcoin ETFs signal new phase in Grayscale’s strategy
Grayscale’s latest filing highlights its long-term approach to broadening crypto investment products.
By positioning Avalanche alongside earlier applications for XRP and Dogecoin ETFs, the firm is betting on the demand for diversified exposure to digital assets.
If the AVAX ETF is approved, it could set the stage for further institutional adoption of altcoins.
The decision may also indicate how regulators plan to address the growing number of altcoin ETF applications in 2025 and beyond.
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