Grayscale Updates SEC Filing for Avalanche ETF Launch

Grayscale has filed an updated S-1 with the U.S. Securities and Exchange Commission for its Avalanche ETF launch, bringing it closer to being listed on Nasdaq.

According to the filing, Grayscale Avalanche Trust is seeking SEC approval to list on the Nasdaq under the ticker GAVX. Currently, the shares trade on OTC Markets under the ticker AVAXFUN.

The update follows a meeting between the U.S. Crypto Task Force and representatives from Ava Labs, the Blockchain Association, and the Digital Chamber.

Grayscale, the issuer of the Avalanche ETF, didn’t share any details about management or staking fees in the latest filing. Instead, the update focuses on share creation and redemption, as well as risk, tax, and financial information. In comparison, last week, VanEck revealed that its Avalanche ETF (VAVX) will charge a 0.30% management fee and use Coinbase Crypto Services for staking.

The crypto asset manager also updated the filing to confirm that Grayscale Investment Sponsors LLC is the sole sponsor of the trust, likely in response to the SEC Feedback during the review process.

AVAX Price Slips as Trading Activity and Futures Interest Decline

AVAX has dropped 2.5% in the last day after rising more than 10% earlier in the week following the VanEck Avalanche ETF filing. It is currently trading around $12, with a 24-hour low of $11.8 and a high of $12.34.

Trading volume has also fallen nearly 18% in the past 24 hours, suggesting declining interest in AVAX amid overall uncertainty in the crypto market.

Data from CoinGlass shows selling pressure in the derivatives market. Total AVAX futures open interest has fallen to $489.38 million, with declines of 1.93% on Binance, 2.10% on OKX, and 0.68% on Bybit over the past four hours.