Grayscale Investments has officially filed with the U.S. Securities and Exchange Commission (SEC) to convert its Avalanche Trust into a spot Avalanche exchange-traded fund (ETF). The S-1 registration statement, submitted on August 22, marks the latest step in the asset manager’s broader strategy to expand its suite of regulated cryptocurrency products.
If approved, the ETF would trade on the Nasdaq under the ticker symbol AVAX, giving investors direct exposure to Avalanche’s price performance through traditional brokerage accounts. Coinbase Custody will serve as the custodian for the fund’s AVAX holdings, while BNY Mellon, one of the world’s largest custodian banks, is expected to act as fund administrator and transfer agent.
The filing comes roughly one year after Grayscale launched the Avalanche Trust in August 2024. In parallel, Nasdaq has also submitted an application to the SEC seeking approval for the listing of the Avalanche ETF in March 2025.
GRAYSCALE FILES FOR AVAX ETF
Grayscale has added Avalanche to its ETF ambitions with a fresh filing.
With Bitcoin and Ethereum ETFs already in play, the big question now will regulators actually greenlight altcoin ETFs, or keep the gate shut? https://t.co/hZsQoGHOJY pic.twitter.com/V50GSgDt85
— Crypto Town Hall (@Crypto_TownHall) August 25, 2025
Market Context and Impact
The move arrives amid a broader downturn in the crypto market. Avalanche (AVAX) slipped 3.2% in the 24 hours leading up to the announcement but recovered 0.5% shortly after the news broke. On retail trading platform Stocktwits, AVAX-related discussions surged, with sentiment quickly turning bullish.
Analysts suggest that approval of the ETF could boost institutional participation in Avalanche’s ecosystem by lowering entry barriers, increasing liquidity, and enhancing market stability. Historical precedent from Bitcoin and Ethereum ETFs shows that regulated crypto products can significantly expand investor access and capital inflows.
Intensifying Crypto ETF Race
Grayscale already manages several crypto-related ETFs, including those for Bitcoin and Ethereum. In 2025, the firm has also filed for ETFs tied to Ripple (XRP), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA).
This competitive push mirrors an industry-wide trend, as traditional financial giants such as Bitwise, CoinShares, Franklin Templeton, and Canary Capital continue to pursue Ethereum and altcoin-related ETF applications.
Still, the ultimate decision rests with the SEC, which must complete a lengthy review process before granting approval. Multiple rounds of revisions and feedback are expected, meaning the final outcome could take months.
If greenlit, the Avalanche ETF could mark a pivotal moment for the AVAX ecosystem and the broader adoption of regulated crypto investment vehicles.
