Nasdaq is seeking SEC approval to convert the Grayscale Avalanche Trust into a spot ETF, continuing its push to expand regulated crypto investment products.
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, filed 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 launched in August 2024.
Grayscale said 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.
