Grayscale Files S-1 to Convert Avalanche Trust, Eyes Nasdaq Listing
Grayscale Investments has filed an S-1 with the U.S. Securities and Exchange Commission to convert its existing Avalanche (AVAX) Trust into a publicly traded spot exchange-traded fund, moving the firm further into regulated crypto products.
The proposed Grayscale AVAX Trust ETF would hold Avalanche directly and track AVAX’s market price, enabling investors to gain exposure through traditional brokerage accounts.
Operational backstops for the fund are in place:
- Coinbase Custody will serve as custodian.
- BNY Mellon will act as administrator and transfer agent.
- Nasdaq submitted paperwork in March to list the shares; final trading remains contingent on SEC approval of listing standards for the product.
If cleared, the ETF will trade under the name Grayscale AVAX Trust ETF and offer regulated access to Avalanche for retail and institutional participants.
This filing continues Grayscale’s broader push into spot crypto ETFs following similar applications earlier this year for XRP and Dogecoin. The firm originally launched the Avalanche Trust in August 2024 as an institutional vehicle; the S-1 signals a pathway to wider market distribution and easier access to AVAX alongside mainstream crypto exposures such as Bitcoin and Ethereum.
Market reaction is closely watching price action for confirmation. AVAX is trading around $24.15, up 0.21% on the hourly chart but down 3.57% over 24 hours; the weekly view remains positive with a 1.87% gain. On the daily timeframe the token is consolidating inside a symmetrical triangle, a pattern that often precedes a significant breakout. Analysts identify the $24.00–$25.00 range as a pivotal zone that could determine near-term momentum.
Scenarios identified by analysts:
- Bullish: A sustained move above the $24.00–$25.00 zone would validate bullish momentum and open upside targets at roughly $27.00, $32.50, $41.50, and a stretch target near $54.00.
- Bearish: Failure to hold current levels could trigger retracement toward $22.50 or as low as $19.00.
Crypto analysts see the ETF filing as a potential catalyst for renewed demand, particularly from institutional buyers seeking regulated, brokerage-accessible exposure to altcoins.
“The S-1 signals a pathway to wider market distribution and easier access to AVAX alongside mainstream crypto exposures.”
The S-1 filing and the potential Nasdaq listing underscore a trend of traditional financial infrastructure — custodians, transfer agents and exchanges — integrating with crypto markets. For DeFi participants and crypto investors, a listed AVAX spot ETF would mark another step toward bridging on-chain assets with legacy financial markets.
