Nasdaq has formally requested SEC approval to list shares of the Grayscale Avalanche Trust (AVAX), aiming for a spot exchange-traded fund (ETF) designed to track the price of the Avalanche network’s token, avalanche (AVAX). The filing, submitted under SEC Form 19b-4, outlines plans to trade the fund under Nasdaq Rule 5711(d) for commodity-based trust shares, according to a 109-page document made public this week.

The proposed ETF would hold AVAX directly, with custody managed by Coinbase Custody Trust Company. The trust’s net asset value (NAV) would be calculated daily using an index price derived from multiple regulated crypto exchanges, including Kraken, Bitstamp, and Crypto.com, weighted by trading volume and scrubbed for anomalies. Grayscale emphasized safeguards against manipulation, including geographically distributed private-key storage and real-time trade surveillance.

Notably, the filing leans on the SEC’s recent approvals of spot bitcoin ( BTC) and ethereum ( ETH) ETFs, arguing that Nasdaq’s surveillance-sharing agreement with Coinbase Derivatives—which offers AVAX futures—provides sufficient safeguards. “The correlation between AVAX spot and futures markets allows effective monitoring,” the filing states, mirroring arguments used in earlier crypto ETF approvals. As of March 28, 2025, Grayscale’s AVAX Trust has amassed a portfolio valued at $1,760,875 in AVAX, with each share representing precisely 0.49256798 AVAX.

Creation and redemption would occur via cash-only transactions handled by authorized participants like broker-dealers, with each basket representing 10,000 shares. The trust would not engage in active management, instead reflecting AVAX’s market price minus fees. Nasdaq’s proposal includes circuit-breaker triggers to halt trading during extreme volatility and mandates real-time disclosures of the fund’s holdings and NAV. The exchange also cited Avalanche’s proof-of-stake (PoS) consensus mechanism as an energy-efficient alternative to Bitcoin’s mining model.

The SEC has 45-90 days to approve or deny the application. If greenlit, the ETF would become the first spot product for AVAX on a major U.S. exchange, broadening institutional access to the token, which has a $8.4 billion market capitalization. Grayscale, already a dominant player with its Bitcoin Trust, continues to expand its crypto ETP lineup. The Avalanche Trust’s structure mirrors its existing products, relying on CoinDesk Indices for pricing and BNY Mellon for transfer agency services.

The filing arrives as regulators face mounting pressure to clarify crypto regulations under the Trump administration. Approval could further legitimize altcoin-based funds in a market still dominated by bitcoin and ether products.

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