Grayscale goes ahead with his plans to turn his avalanche Confidence in a fund translated on the point (ETF)Submission of a declaration of registration of the S-1 to the American Commission for Securities and Exchange on Friday.
If it is approved, the fund would exchange on the Nasdaq, which allows traditional investors easier access to the AVAX token via a regulated vehicle.
The move marks the second regulatory step in the conversion process, following the Graycale initial 19B-4 ranking in March. The fund would authorize creations and buyouts in cash, managed by authorized participants. Coinbase would provide the main brokerage services, including police custody and the execution of AVAX trade, while BNY Mellon would act as a administrator and transfer agent.
Grayscale launched its trust in August 2024 as part of a broader expansion in investment products focused on Altcoin. The fund currently manages just under $ 15 million in assets, with a reality value per share of 12.20%. It is down compared to a summit of 27% in December, reflecting both the broader slowdown in the cryptography market and the Avx price slide.
Avalanche is a layer 1 blockchain of proof 1 designed for personalized scalable networks called “subnets”. These allow developers to create chains specific to application while maintaining compatibility with the wider avalanche ecosystem. In recent months, the institutional interest in Avalanche has increased. Visa has integrated the network into its Stablecoin settlement system, and the launch of the Visa Avalanche card allows users to spend Avox and Stablecoins directly like USDC.
However, Avx has not escaped the opposite winds on the market. The token is negotiated at $ 24.25, down 9% in the past year and 55% reduction on its summit of $ 54.11 in December.
The gray levels are not alone in its push for an Avax ETF. Vaneck and several other asset managers have also made similar requests, betting that investors are looking beyond bitcoin and ethereum for the exposure of ETFs.
If the S-1 erases regulatory obstacles, the AVAX FNB would become one of the first products listed in the United States according to an intelligent contract blockchain outside of crypto majors. This could point out a change in the way in which traditional finances allocate to digital assets, with the specific infrastructure for tokens play part of the investment strategies in diversified cryptography.
