Grayscale Seeks SEC Approval for Avalanche ETF Listing

Nasdaq has filed a request with the U.S. Securities and Exchange Commission (SEC) to obtain approval for the listing of Grayscale Investments' Avalanche exchange-traded fund (ETF).

The filing, submitted on March 27, seeks permission for a rule change that would allow the Grayscale Avalanche Trust (AVAX) to be listed. This move comes as part of a conversion process from Grayscale’s closed-ended AVAX fund, launched in August 2024.

According to Grayscale, the conversion into an ETF would enable the product to more accurately reflect the value of its underlying assets through an arbitrage mechanism, which is typical of ETFs.

At the time of this filing, the Grayscale Avalanche Trust managed assets worth $1.76 million, with a net asset value of $10.86 per share, showing a 7.4% premium over the value of its underlying assets.

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In addition to its Avalanche ETF, Grayscale is expanding its crypto ETF offerings. The company is waiting for regulatory approval on several products, including an XRP spot ETF and filings for a Cardano ETF and a Litecoin Trust conversion. Grayscale has already successfully converted its Bitcoin and Ether closed-ended funds into spot ETFs.

Moreover, Grayscale’s continued expansion includes offering more cost-effective options through the Grayscale Bitcoin Mini Trust and Grayscale Ether Mini Trust, which feature lower fees compared to the company’s older products. Despite withdrawals from the Grayscale Bitcoin Trust, Grayscale remains committed to broadening its ETF portfolio, with a range of products designed to offer various pricing structures to suit investor needs.

Alexander Zdravkov