Grayscale has taken a significant step toward expanding regulated access to altcoins by filing for a spot Avalanche (AVAX) exchange-traded fund (ETF) in collaboration with Nasdaq. A 19b-4 form was submitted by Nasdaq to the U.S. Securities and Exchange Commission (SEC) on March 28, 2025, seeking approval to list and trade shares of the proposed fund.
If approved, the ETF would offer direct exposure to Avalanche’s native token, AVAX, through traditional brokerage accounts—marking another move toward mainstream accessibility of digital assets. The ETF aims to convert Grayscale’s existing Avalanche Trust, originally launched in August 2024 as a private placement, into a publicly traded investment vehicle.
Coinbase Custody has been designated to hold the fund’s assets, while BNY Mellon is expected to serve as the administrator and transfer agent.
Grayscale’s filing comes just a week after VanEck submitted an S-1 registration to launch its own Avalanche ETF, highlighting the growing competition and institutional appetite for altcoin-based investment products. This flurry of filings indicates increased confidence in the potential for crypto ETFs beyond just Bitcoin and Ethereum—currently the only spot crypto ETFs approved by the SEC.
Avalanche, a Layer 1 blockchain known for its scalability and high throughput, has seen a surge in developer and DeFi activity in recent years. Despite this momentum, AVAX has declined over 7% in the past 24 hours amid a broader market pullback, trading near $20.20 at press time.
Grayscale’s push for an Avalanche ETF follows its recent efforts to bring a Cardano-based ETF to market, further cementing its strategy to diversify its crypto ETF offerings.
As the SEC deliberates these proposals, the outcome could shape the future landscape of regulated altcoin investments in the U.S., potentially opening the doors for a wider range of digital asset ETFs in the near future.
