XRP News Today: Grayscale Files S-1 to Convert Avalanche Trust to Spot ETF

Grayscale Investments has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to convert its existing Avalanche Trust into a spot ETF, which would trade under the ticker symbol AVAX [1]. The firm filed the registration on June 29, 2025, with subsequent updates on August 2 and August 18 of the same year [4][5]. The trust was originally established as a Delaware Statutory Trust on November 11, 2021, and now seeks reclassification as a publicly traded exchange-traded fund [3].

The proposed ETF would provide investors with direct exposure to the Avalanche (AVAX) cryptocurrency through traditional brokerage accounts, simplifying access to the asset without the need for direct trading on cryptocurrency exchanges [1]. Coinbase Custody has been named as the custodian for AVAX, while BNY Mellon is expected to serve as the fund’s administrator and transfer agent [1]. Nasdaq has also been involved, having submitted a filing to list the AVAX ETF as early as March 2025 [1].

This filing is part of Grayscale’s broader strategy to expand its range of spot crypto ETFs, including recent applications for XRP and Dogecoin [5]. The firm’s AVAX Trust was launched in August 2024, and this new ETF filing aligns with its efforts to transition additional trusts into the ETF format amid evolving regulatory expectations [1]. Grayscale’s Bitcoin Trust (GBTC) has long operated under a trust structure, but the firm appears to be adapting to potential regulatory shifts and increasing investor demand for more liquid and standardized crypto products [5].

The SEC has not yet set a definitive timeline for a decision, though recent applications for spot crypto ETFs have seen extended review periods, with some decisions now anticipated as late as October 2025 [7]. Grayscale’s approach mirrors that of other major asset managers, such as Bitwise and Canary Capital, who have also updated their XRP ETF filings in recent weeks [6]. If approved, the AVAX ETF would be listed on Nasdaq, offering a conventional investment vehicle for Avalanche, and could set a precedent for the approval of similar products [4].

Source:

[1] Grayscale Files S-1 For Spot Avalanche ETF With Ticker ... (https://cointelegraph.com/news/grayscale-files-spot-avalanche-etf-ticker-avax)

[3] S-1 (https://www.sec.gov/Archives/edgar/data/2035053/0000950170****1074/ck0002035053-20250823.htm)

[4] Grayscale files S-1 with SEC to convert Avalanche Trust ... (https://www.todayonchain.com/news/article/01K3GGVAGHREA2E94FVZV4NPWH/)

[5] Grayscale seeks SEC approval for Spot Avalanche ETF under ... (https://mx.advfn.com/bolsa-de-valores/COIN/AVAXUSD/crypto-news/96694718/grayscale-seeks-sec-approval-for-spot-avalanche-et)

[6] XRP ETF News: XRP Traders Eye SEC Decision as ... (https://bravenewcoin.com/insights/xrp-etf-news-xrp-traders-eye-sec-decision-as-grayscale-bitwise-and-canary-capital-amend-spot-etf-filings)

[7] Spot XRP ETFs Likely Coming Soon? Seven Asset ... (https://www.mexc.com/news/spot-xrp-etfs-likely-coming-soon-seven-asset-managers-file-amended-s-1-applications-zycrypto/71847)