Grayscale’s AVAX ETF Enters the Final Lap — But Can It Beat VanEck, Bitwise?
▪ Grayscale filed a second amended S-1 to convert its Avalanche Trust into a spot ETF
▪ The product is preparing for a Nasdaq listing under ticker GAVX
▪ The filing finalizes an in-kind creation and redemption model, signaling readiness rather than proposal
Why This Update Matters
▪ In-kind mechanics allow direct AVAX ↔ ETF share exchanges
▪ Improves tax efficiency and price tracking vs cash-only models
▪ Governance streamlined with Grayscale Investments Sponsors LLC confirmed as sole sponsor
▪ Aligns AVAX treatment with Grayscale’s Bitcoin and Ethereum products
What’s Still Missing
▪ Management fees not yet disclosed
▪ No clarity on staking rewards or potential fee waivers
▪ Indicates a wait-and-see pricing strategy as competitors reveal terms
Competitive Landscape Heats Up
▪ VanEck is ahead with a third amendment and a disclosed 0.34% fee, exploring staking
▪ Bitwise has filed its own S-1, naming Coinbase as custodian
▪ All aim to be the first U.S. spot AVAX ETF
Market Context
▪ AVAX trading near $12.11, reflecting broader market cooling rather than asset-specific weakness
▪ ETF approval could unlock brokerage-level access and institutional liquidity
Bottom Line
▪ Grayscale is technically ready but strategically patient
▪ Fee disclosure may be the final competitive lever
▪ The AVAX ETF race is no longer theoretical — it’s procedural
#AVAX #CryptoETF