$AVAX

🚀 Grayscale Moves to Turn AVAX Trust Into Spot Avalanche ETF 🌐✨

Grayscale has formally submitted an S-1 filing with the SEC to restructure its current Avalanche (AVAX) Trust into a spot ETF that would list on the Nasdaq under ticker AVAX. In this arrangement, Coinbase Custody will keep the crypto assets securely, with BNY Mellon serving as administrator and transfer agent, ensuring a seamless experience under regulatory guidelines.

If approved, this ETF would allow everyday investors to purchase AVAX via standard brokerage accounts—without the use of a crypto wallet. It might also introduce more liquidity and entice new capital into Avalanche's ecosystem. The ETF will take physical AVAX tokens and utilize a cash-based process for creating and redeeming shares. With AVAX remaining down approximately 9% on the past year, this action may help restore interest and confidence in the token. 📊🔥