The Nasdaq exchange has submitted form 19b-4 to the U.S. Securities and Exchange Commission for the listing of a spot exchange-traded fund (ETF) based on Avalanche by Grayscale.
If approved, the firm will convert the Grayscale Avalanche Trust product launched in August 2024.
According to the statement, the trust’s assets consist solely of the native AVAX coin. The instrument is designed to reflect the value of the underlying asset based on the index price.
Coinbase serves as the custodian of the product, while BNY Mellon Asset Servicing acts as the administrator and transfer agent.
On March 14, VanEck submitted form S-1 for the launch of a similar product.
At the time of writing, AVAX ranks 17th among cryptocurrencies by market capitalization, with a value of $8.28 billion. Over the past 24 hours, the coin has declined by 1.2% to $19.95.
Back in December 2024, the Avalanche team released a major update, Avalanche9000, which reduced the cost of deploying Subnets by 99.9% and made C-Chain transactions—Ethereum-compatible smart contracts—25 times cheaper.