TLDR
- Avalanche Trust launched in August 2024, managing $7.1 million.
- Current net asset value per share is $5.97 as of December 2025.
- Grayscale previously converted trusts to ETFs, including Bitcoin and Ethereum.
Grayscale Investments, LLC has submitted an updated S-1 registration statement to the US Securities and Exchange Commission (SEC) for its Grayscale Avalanche Trust. The goal is to convert this trust into a spot Avalanche ETF, with the ticker symbol GAVX, for listing on Nasdaq.
The Grayscale Avalanche Trust was launched in August 2024. At present, it manages assets worth approximately $7.1 million, with a net asset value per share of $5.97 as of December 19, 2025. Key service providers for this trust include Coinbase for brokerage, custody, and trade execution services, and BNY Mellon as the administrator and transfer agent. No official statements have been shared by Grayscale executives or Ava Labs founders on this matter.
Details of the S-1 Filing
The updated filing provides information on in-kind creation and redemption processes, risk disclosures, tax details, and financial data. It addresses feedback from the SEC, though it doesn’t specify any management fees, staking fees, or waivers. The filing does not mention funding allocations, grants, or new institutional involvements outside the existing service providers.
The asset primarily affected by this filing is AVAX, the native token of the Avalanche blockchain. The proposed ETF would track AVAX via daily valuations. No direct impacts on Bitcoin, Ethereum, or other altcoins were noted in the filing.
Background on the Avalanche Trust
Launched in August 2024, the Avalanche Trust aims to provide investors with exposure to AVAX. According to information available on Grayscale’s website, the trust has shown moderate asset growth. The current net asset value per share is reported at $5.97 as of December 19, 2025.
Grayscale’s regulatory filings page lists recent S-1 submissions relevant to the Avalanche Trust. However, there are no additional statements or announcements published alongside these filings.
Past ETF Conversions by Grayscale
Grayscale has a history of converting its trusts to ETFs. Previously, this included the Grayscale Bitcoin Trust to Bitcoin ETF and Ethereum Trust to Ethereum Mini Trust ETF. These conversions were filed and processed on December 3, 2025.
Post-approval, these trusts have seen significant institutional inflows. However, specific on-chain metrics were not detailed in the filings, according to information from the SEC regulatory documents.
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