Grayscale Seeks SEC Approval for Spot Avalanche ETF on Nasdaq
Grayscale is moving to expand its crypto ETF lineup with a new proposal centered on Avalanche (AVAX). Nasdaq has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), requesting approval to list a spot Avalanche exchange-traded fund managed by Grayscale.
Currently, Grayscale offers exposure to AVAX through its Avalanche Trust, which carries a 2.5% management fee. The new ETF would likely be a more accessible and cost-effective option for investors looking to gain exposure to the Avalanche ecosystem via traditional brokerage platforms.
If approved, the fund would hold AVAX directly and reflect the real-time market value of the token. Coinbase Custody would serve as the fund’s custodian, according to the filing.
The move aligns with a broader industry push to introduce regulated investment products tied to major altcoins. While several spot bitcoin ETFs have been approved and spot ether ETFs remain under review, the SEC has yet to greenlight any spot ETFs for altcoins outside of ETH.
At the time of the filing, AVAX was trading at $20.50, down 6.6% over the past 24 hours as part of a broader market slump. The CoinDesk 20 Index fell more than 4% in the same period.
Interest in Avalanche-based ETFs appears to be gaining momentum. VanEck submitted its own S-1 filing for a spot AVAX ETF earlier this month, signaling rising institutional interest. Grayscale, for its part, also filed for a Cardano (ADA) ETF last month, marking its first standalone product tied to the ADA token.
