Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission seeking to convert its Grayscale Avalanche Trust into a spot exchange-traded fund that would track the market price of Avalanche’s AVAX token.
The proposed fund, to be listed on Nasdaq, would hold AVAX in custody at Coinbase Custody while Coinbase Inc. would act as authorized participant for share creation and redemption. Grayscale said the structure is designed to give investors regulated access to AVAX price movements without the operational complexities of holding the token directly.
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Source: https://thedefiant.io/news/regulation/grayscale-seeks-sec-approval-spot-avalanche-etf-on-nasdaq-4dbe69dc