- Grayscale has filed with the SEC to launch a spot Avalanche (AVAX) ETF, converting its existing Avalanche Trust into a publicly traded fund.
- The move gives investors direct exposure to Avalanche and reflects growing institutional interest in the cryptocurrency.
Grayscale Expands Its Spot Crypto ETF Offerings
Grayscale Investments has filed an S-1 registration with the US Securities and Exchange Commission (SEC) to launch a spot Avalanche (AVAX) exchange-traded fund (ETF). The proposed ETF will convert Grayscale’s existing Avalanche Trust into a publicly traded fund, giving investors direct exposure to AVAX through traditional brokerage accounts.
This filing follows Grayscale’s recent spot ETF applications for XRP and Dogecoin (DOGE), signaling the company’s commitment to broadening its crypto investment products. Coinbase Custody will serve as the custodian for AVAX, while BNY Mellon is expected to handle administration and transfer agent duties.
Competitors and ETF Timeline
Grayscale’s filing comes after Nasdaq applied to the SEC in March 2025 to list an AVAX ETF. VanEck also submitted its own registration for an Avalanche ETF earlier this year. These moves demonstrate growing institutional interest in Avalanche and the expanding demand for spot crypto ETFs in the US market.
If approved, Grayscale plans to rename the trust as the Grayscale AVAX Trust ETF when it begins trading.
Avalanche’s Market Position and Performance
Avalanche, launched in September 2020 by Ava Labs, is an open-source blockchain platform supporting decentralized applications and smart contracts. Founded by Emin Gün Sirer, Avalanche has grown into a major blockchain network, ranking as the 22nd largest cryptocurrency with a market cap of $10.2 billion.
Despite its strong position, AVAX has struggled in 2025. After peaking at $54.2 in December 2024, AVAX has dropped over 55%, trading at $24.3 at the time of writing. Year-to-date, the token is down 35%, while Bitcoin and Ethereum have surged approximately 70% over the past year.
Growing Institutional Adoption and Use Cases
Avalanche continues to attract significant institutional attention. SkyBridge Capital, led by Anthony Scaramucci, recently announced a $300 million tokenization project on Avalanche. The platform is also among the blockchains chosen for Wyoming’s Frontier Stable Token (FRNT) stablecoin, alongside Ethereum and Solana.
Grayscale’s pursuit of a spot AVAX ETF reflects strong investor demand for regulated and accessible crypto investment options. This move further positions Avalanche as a prominent platform in the evolving blockchain and cryptocurrency ecosystem.
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