Grayscale Files With the SEC to List Its AVAX Spot ETF on Nasdaq

The Nasdaq exchange filed a formal request with the U.S. Securities and Exchange Commission seeking permission to list and trade shares of Grayscale’s spot Avalanche (AVAX) exchange-traded fund (ETF).

Nasdaq has filed an application with the U.S. Securities and Exchange Commission to list and trade shares of Grayscale's proposed spot Avalanche (AVAX) exchange-traded fund (ETF).

The filing, in the form 19b-4, follows Grayscale's registration as a Delaware Trust entity to launch an AVAX ETF earlier in August.

If approved, the proposed rule change would convert Grayscale's existing Avalanche Trust, launched on August 8, into a spot exchange-traded fund, offering investors a way to gain exposure to AVAX in a regulated manner.

The new product would track the price of Avalanche's native token, currently the 17th largest digital asset by market capitalization, according to CoinGecko.

In its filing, Grayscale describes Avalanche as a "three-chain smart contract platform' designed for scalability, security, and decentralization, also highlighting the network's potential in real-world asset tokenization.

The AVAX investment vehicle would use Coinbase Custody as its custodian.

Earlier this week, VanEck also applied for its prospective spot Avalanche ETF. The filings signal a growing interest in offering investment vehicles based on the blockchain network.

The new applications come as the SEC is showing signs of a friendlier approach to the digital asset industry. Since the Trump administration took over, the regulator has recently dropped several crypto-related probes, including those against Robinhood, Kraken, Coinbase, OpenSea, and Ripple.

As different types of altcoin applications are piling up, Bloomberg ETF analysts previously put the chances of Litecoin ETFs getting approved the highest, at 90%.

The analysts assigned a 75% probability to Dogecoin ETFs being approved, followed by Solana (70%) and XRP (65%) products.

The U.S. SEC approved the first spot Bitcoin ETFs in January 2024, and later, in July, it granted approval for spot Ether ETFs.