Bitcoin ETF

ETF COIN

Avalanche

Grayscale Bitcoin Trust

US stock exchange Nasdaq submitted a filing to the US Securities and Exchange Commission (SEC) seeking permission to list Grayscale Investments’ spot Avalanche exchange-traded fund (ETF).
The document, <a data-ct-non-breakable="null" href="https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-030.pdf" rel="nofollow noopener" target="_blank" text="null" title="https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-030.pdf">filed</a> on March 27, asks for a rule change to list the Grayscale Avalanche Trust (AVAX). The derivative product in question would be a conversion of Grayscale Investments’ close-ended AVAX fund <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-launches-investment-fund-avax-token" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-launches-investment-fund-avax-token">launched in August 2024</a>.
Grayscale <a data-ct-non-breakable="null" href="https://www.grayscale.com/crypto-products/grayscale-avalanche-trust#stage4" rel="nofollow noopener" target="_blank" text="null" title="https://www.grayscale.com/crypto-products/grayscale-avalanche-trust#stage4">said</a> on its website that “its SEC-reporting Products present a strong case for uplisting when permitted by the U.S. regulatory environment.” The firm explained that, following the conversion, “the arbitrage mechanism inherent to ETFs would help the product more closely track the value” of the assets.
At the time of publication, the Grayscale Avalanche Trust holds $1.76 million worth of assets under management. The current net asset value per share is $10.86 for just over 0.49 AVAX per share, worth $10.11 according to CoinMarketCap <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/avalanche/" rel="nofollow noopener" target="_blank" text="null" title="https://coinmarketcap.com/currencies/avalanche/">data</a>, which puts the fund’s current market price at a 7.4% premium to the value of its underlying assets.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-spot-ether-etf-staking-proposal-united-states-nyse" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-spot-ether-etf-staking-proposal-united-states-nyse">NYSE proposes rule change to allow ETH staking on Grayscale’s spot Ether ETFs</a>
<h2 id="grayscale-expands-crypto-etf-offerings">Grayscale expands crypto ETF offerings</h2>
Grayscale’s website <a data-ct-non-breakable="null" href="https://www.grayscale.com/crypto-products#all" rel="nofollow noopener" target="_blank" text="null" title="https://www.grayscale.com/crypto-products#all">lists</a> 28 crypto products, of which 25 are single-asset derivatives and three are diversified. The firm is among those currently <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/xrp-etf-filings-awaiting-sec-approval" rel="" target="_self" text="null" title="https://cointelegraph.com/news/xrp-etf-filings-awaiting-sec-approval">waiting for the approval of its XRP spot ETF</a>, as well as other products.
Other examples include its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-acknowledges-filing-grayscale-s-spot-cardano-etf" rel="" target="_self" text="null" title="https://cointelegraph.com/news/sec-acknowledges-filing-grayscale-s-spot-cardano-etf">spot Cardano ETF filing</a> and its <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-list-litecoin-trust-etp-nyse-arca" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-list-litecoin-trust-etp-nyse-arca">Litecoin Trust conversion to an ETF</a>. These filings also follow the company’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/overview-grayscale-ethereum-trust-ethe" rel="" target="_self" text="null" title="https://cointelegraph.com/learn/articles/overview-grayscale-ethereum-trust-ethe">successful conversion of its Ether</a> <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-the-grayscale-bitcoin-trust" rel="" target="_self" text="null" title="https://cointelegraph.com/explained/what-is-the-grayscale-bitcoin-trust">and Bitcoin</a> close-ended funds into spot ETFs.
In 2024, Grayscale Investments also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-bitcoin-ether-etfs-reverse-share-split" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-bitcoin-ether-etfs-reverse-share-split">announced the conversion</a> of a part of its Bitcoin and Ethereum ETFs into spinoff products. The new Grayscale Bitcoin Mini Trust (BTC) and Grayscale Ether Mini Trust (ETH) feature lower fees and follow their derivatives, losing capital to more cost-effective options.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etp-eu-bitcoin-adoption-inflow" rel="" target="_self" text="null" title="https://cointelegraph.com/news/blackrock-bitcoin-etp-eu-bitcoin-adoption-inflow">BlackRock Bitcoin ETP ‘key’ for EU adoption despite low inflow expectations</a>
<figure>
 <img alt="Nasdaq seeks SEC approval for Grayscale’s Avalanche ETF listing" src="https://s3.cointelegraph.com/uploads/2025-03/0195dccc-2bc5-7eda-ba7d-3a709bcbf2b6" title="">
 <figcaption style="text-align: center;">
 United States Bitcoin ETF assets under management by product. Source: <a data-ct-non-breakable="null" href="https://en.macromicro.me/charts/122014/us-bitcoin-spot-et-faum" rel="nofollow noopener" target="_blank" text="null" title="https://en.macromicro.me/charts/122014/us-bitcoin-spot-et-faum">MacroMicro</a>
 </figcaption>
</figure>
Data reported at the end of 2024 shows that <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-bitcoin-trust-outflows-spot-btc-etfs-performance" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-bitcoin-trust-outflows-spot-btc-etfs-performance">over $21 billion has been withdrawn</a> from the Grayscale Bitcoin Trust (GBTC) since its launch on Jan. 11, 2024. This made it the only US-based Bitcoin ETF with a negative investment flow at the time.
This product offering has the highest management fee among all the products, set at 1.5% per annum. The other ETFs range from 0.15% for the Grayscale Bitcoin Mini Trust to 0.25% for the highest-priced competitors.
The situation, looking at Ethereum ETFs, is quite similar, with the lowest fee being the Grayscale Ether Mini Trust and the highest being its older Ethereum trust product. Competing offerings again do not charge more than 0.25%.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/arbitrum-founder-skeptical-based-native-rollups-steven-goldfeder/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/arbitrum-founder-skeptical-based-native-rollups-steven-goldfeder/">Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder</a>

Nasdaq seeks SEC approval for Grayscale’s Avalanche ETF listing

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