Nasdaq Files for Approval of Grayscale's Spot Avalanche ETF

On Thursday, Nasdaq filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale's Spot Avalanche Exchange-Traded Fund (ETF).

Nasdaq is applying for approval to list and trade shares of Grayscale's Spot Avalanche Exchange-Traded Fund (ETF), according to a 19b-4 form filed with the U.S. Securities and Exchange Commission (SEC) on Thursday.

The exchange is seeking to commence listing and trading of the shares of the Grayscale Spot LITECOIN ® Exchange-Traded Fund, to be named "L-Fund," and the shares of the Grayscale Spot AVALANCHE ® Exchange-Traded Fund, to be named "A-Fund."

Key Takeaways:

This filing is a crucial step in the process of applying for a new ETF.

The applicant is Grayscale, and the products are being applied for on the Nasdaq Exchange.

Once the new application is acknowledged by the SEC, it will be published in the Federal Register, kicking off the approval process.

Grayscale's Filing for Spot Avalanche ETF

Earlier this year, Grayscale submitted applications for Bitcoin, Ethereum, Litecoin, and Zcash ETFs, while applying for approval to convert its existing Avalanche Trust into a spot ETF.

The trust, which was launched in August 2024, is funded through a private placement of units of beneficial interest in the trust. The assets of the trust consist solely of AVAX, the native token of the Avalanche blockchain network.

The investment objective of the trust is for the value of its units to reflect the value of the AVAX held by the Trust, less any expenses and liabilities.

Coinbase is designated as the custodian for the Trust, while BNY Mellon Asset Servicing is set to serve as the administrator and transfer agent.

The units of beneficial interest in the trust are expected to be applied for listing and trading on the Nasdaq Exchange under the ticker symbols "GBTC," "ETHW," "L-Fund," "A-Fund," and "Z-Fund," respectively.

The applicants are also seeking approval to create and launch a Paydown Series Payer Compartment and a Paydown Series Payee Compartment.

The applicants further request the commission to create and launch a variable series investment trust, to be named "Series A," and a variable series investment trust, to be named "Series B."

The application includes a request for approval to create and launch a new ETF product, and it is subject to the commission's approval.

This filing follows VanEck's submission of an S-1 registration statement to the SEC last week, applying for approval to launch the first spot Avalanche ETF.

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As part of its ongoing efforts to expand its offerings in the cryptocurrency market, Nasdaq is applying for approval to list and trade shares of Grayscale's Spot Avalanche Exchange-Traded Fund (ETF), according to a 19b-4 form filed with the U.S. Securities and Exchange Commission (SEC) on Thursday.

The exchange is seeking to commence listing and trading of the shares of the Grayscale Spot LITECOIN ® Exchange-Traded Fund, to be named "L-Fund," and the shares of the Grayscale Spot AVALANCHE ® Exchange-Traded Fund, to be named "A-Fund."

This filing is a key step in the process of applying for a new ETF. The applicant is Grayscale, and the products are being applied for on the Nasdaq Exchange.

Once the new application is acknowledged by the SEC, it will be published in the Federal Register, kicking off the approval process.

Earlier this year, Grayscale submitted applications for Bitcoin, Ethereum, Litecoin, and Zcash ETFs, while applying for approval to convert its existing Avalanche Trust into a spot ETF.

The trust, which was launched in August 2024, is funded through a private placement of units of beneficial interest in the trust. The assets of the trust consist solely of AVAX, the native token of the Avalanche blockchain network.

The investment objective of the trust is for the value of its units to reflect the value of the AVAX held by the Trust, less any expenses and liabilities.

Coinbase is designated as the custodian for the Trust, while BNY Mellon Asset Servicing is set to serve as the administrator and transfer agent.

The units of beneficial interest in the trust are expected to be applied for listing and trading on the Nasdaq Exchange under the ticker symbols "GBTC," "ETHW," "L-Fund," "A-Fund," and "Z-Fund," respectively.

The applicants are also seeking approval to create and launch a Paydown Series Payer Compartment and a Paydown Series Payee Compartment.

The applicants further request the commission to create and launch a variable series investment trust, to be named "