Grayscale Investments has initiated the process to convert its Avalanche (AVAX) trust into a spot ETF, as confirmed by the filing submitted to the U.S. Securities and Exchange Commission (SEC) by Nasdaq. This trust was introduced to investors in August 2024 and was initially available only to accredited investors.
This is reported by Business • Media
According to the existing application, the new spot ETF will directly hold crypto assets, rather than relying on derivative financial instruments. Coinbase Custody has been selected as the custodian for this product, while The Bank of New York Mellon serves as the transfer agent. Information regarding the management fee is not currently disclosed, but the likely ticker for the new ETF is AVAX.
“We have covered this trust in detail before.”
It is worth noting that Nasdaq has only submitted Form 19b-4 to the SEC, and to complete the process, Form S-1 must also be filed. Following this, the Commission will proceed to review the submitted application.
Currently, the market has shown no reaction to this news, and the AVAX price continues to decline, recording a drop of over 8% on the daily chart. For more detailed information on the price, one can refer to the Binance exchange.