AVAX Grayscale Avalanche Trust (AVAX)
Executive Summary
Grayscale Avalanche Trust (AVAX) is a Delaware statutory trust issuing shares (ticker GAVA) that track the price of the Avalanche (AVAX) digital asset. The trust holds AVAX directly, with Coinbase Custody as custodian, and plans to engage in staking to earn rewards. The trust's investment objective is for share value to reflect the value of held AVAX, minus expenses. A single shareholder holds a majority of shares, and the trust is subject to significant risks including extreme volatility in AVAX price, regulatory uncertainty, and operational risks related to staking and custody.
Actionable Insight
Monitor the launch of the GAVA ETF on NASDAQ and the initial trading volume and premium/discount to NAV. The significant concentration of ownership (86% held by one entity) could lead to large, market-moving trades. The trust's performance will be highly correlated to the volatile price of AVAX, so traders should closely watch the broader digital asset market and regulatory developments, especially regarding whether AVAX is classified as a security.
Key Facts
- Trust holds AVAX directly, with Coinbase Custody as custodian.
- Trust plans to engage in staking, with 23% of staking rewards going to service providers and the sponsor.
- Sponsor's fee is 0.35% annually, currently waived until the trust reaches $1 billion in AUM or 3 months after listing.
- A single shareholder holds 86% of the trust's shares as of March 2, 2026.
- AVAX price was highly volatile, ranging from $11.36 to $54.44 from August 2024 to December 2025.
- The trust is an 'emerging growth company' with reduced reporting requirements.
Financial Impact
The trust's net assets increased from $2.67 million at the end of 2024 to $7.09 million at the end of 2025, driven by new creations of AVAX despite a significant decline in AVAX price from $35.81 to $12.33.
Risk Factors
- Extreme volatility in the price of AVAX.
- Regulatory risk: AVAX could be deemed a security, leading to trust termination.
- Operational risk: Custodian (Coinbase) failure or resignation could trigger trust termination.
- Concentration risk: A single shareholder owns 86% of the trust.
- Staking risk: Staked AVAX is locked and inaccessible for 2 weeks to 1 year, creating liquidity risk.
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-096950 |
| Document: ck0002035053-ex23_1.htm | 0001193125-26-096950 |
| Document: 0001193125-26-096950-index-headers.html | 0001193125-26-096950 |
| Document: 0001193125-26-096950-index.html | 0001193125-26-096950 |
| Document: 0001193125-26-096950.txt | 0001193125-26-096950 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Mar 12, 2026
12w ago
|
EFFECT
| — | awaiting T+20 | — | — |
|
Mar 6, 2026
13w ago
|
S-1/A
| — | awaiting T+20 | — | — |
|
Mar 2, 2026
14w ago
|
S-1/A
| — | awaiting T+20 | — | — |
US Market Status
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