Grayscale Seeks Nasdaq Listing for New Spot Avalanche ETF

Grayscale Files to Launch Spot Avalanche ETF Amid Growing Altcoin ETF Momentum

Grayscale has taken a fresh step into the altcoin ETF space, aiming to bring Avalanche (AVAX) into the hands of mainstream investors. Nasdaq has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list a new spot Avalanche ETF managed by the digital asset giant.

Unlike Grayscale’s existing Avalanche Trust — which comes with a 2.5% management fee — the proposed ETF could offer a more cost-efficient, liquid way for traditional investors to gain exposure to AVAX. If approved, the fund would hold AVAX directly and track its market price, with Coinbase Custody named as the custodian.

This move marks another attempt by issuers to bring regulated access to altcoins through brokerage accounts, a trend picking up momentum despite the SEC’s cautious stance. So far, no spot ETFs tied to altcoins other than ether (ETH) have been approved.

AVAX, Avalanche’s native token, was trading at $20.50 at the time of the filing — down 6.6% on the day as broader markets saw declines. The CoinDesk 20 Index, which tracks major cryptocurrencies, dropped over 4%.

The filing follows a similar move by VanEck earlier in March, which also submitted paperwork for its own Avalanche ETF. Meanwhile, Grayscale is also awaiting regulatory review for a proposed Cardano (ADA) ETF, expanding its efforts to create structured vehicles for altcoin exposure.

With investor interest growing and competition heating up, Grayscale’s Avalanche ETF bid signals another potential breakthrough in bringing crypto into traditional finance.