Nasdaq has submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) for the listing of a spot exchange-traded fund (ETF) based on Avalanche by Grayscale.

If approved, the firm will convert its Grayscale Avalanche Trust, launched in August 2024, into the ETF.

According to the filing, the trust’s assets consist exclusively of the native AVAX token. The instrument aims to reflect the value of the underlying asset based on an index price.

Coinbase serves as the custodian of the product, while BNY Mellon Asset Servicing acts as the administrator and transfer agent.

On March 14, VanEck also filed Form S-1 to launch a similar product.

As of writing, AVAX ranks 17th among cryptocurrencies by market capitalization at $8.28 billion. Over the past 24 hours, the token has declined by 1.2% to $19.95.

In December 2024, the Avalanche team released the major Avalanche9000 update, which reduced subnet deployment costs by 99.9% and made C-Chain transactions—used for Ethereum-compatible smart contracts—25 times cheaper.