Nasdaq has filed a 19b-4 form with the U.S. Securities and Exchange Commission to list and trade shares of Grayscale’s proposed spot Avalanche exchange-traded fund.

If approved, the ETF would hold AVAX (AVAX) directly, offering investors exposure to the Avalanche network’s native token through traditional brokerage accounts.

Grayscale’s move comes a week after VanEck submitted an S-1 registration statement to launch a competing Avalanche ETF. 

The filing indicates growing institutional interest in regulated altcoin investment vehicles, though the SEC has yet to approve any spot crypto ETFs beyond Bitcoin (BTC) and Ethereum (ETH).

The proposed ETF would convert Grayscale’s existing Avalanche Trust, originally launched in August 2024 as a private placement, into a spot ETF. According to the filing, Coinbase Custody will serve as the fund’s custodian, while BNY Mellon is expected to act as the administrator and transfer agent.

Avalanche is a Layer 1 blockchain known for high throughput and scalability. Its native token AVAX is used for transactions, staking, and governance.

The token has declined over 7% in the past 24 hours amid broader market downturns, trading around $20.20.

Grayscale’s filing follows its recent push for a Cardano (ADA) ETF, signaling a broader effort to bring more altcoins into the regulated ETF market. 

The SEC’s decision on these filings could set a precedent for the next generation of crypto ETFs beyond Bitcoin and Ethereum.