Grayscale Avalanche Trust (AVAX)

Grayscale Avalanche Trust (AVAX) (the 'Trust') is a Delaware Statutory Trust formed on November 11, 2021, that holds AVAX, a digital asset on the Avalanche Network, a proof-of-stake blockchain enabling smart contracts and decentralized applications. The Trust's investment objective is for the value of its Shares (based on AVAX per Share) to reflect the value of AVAX held by the Trust, including AVAX earned as Staking Consideration, determined by reference to the CoinDesk Avalanche Benchmark Rate Index Price, less expenses and liabilities. As a passive vehicle, the Trust issues Shares in Baskets of 10,000 to Authorized Participants in exchange for AVAX deposits or cash (facilitated by Liquidity Providers), with ongoing creations and planned redemptions post-listing on NASDAQ under symbol 'GAVA'. Financials as of December 31, 2025 show net assets of $7.09 million (575,012 AVAX at $12.33 fair value), down from $2.67 million at year-end 2024 due to AVAX price depreciation from $35.81 to $12.33 and Sponsor’s Fee of $210k. Cumulative operations since August 20, 2024 inception reflect net loss of $8.42 million for 2025. The Sponsor, Grayscale Investments Sponsors, LLC (affiliate of Digital Currency Group), charges a 0.35% annual fee (waived until $1B AUM or 3 months post-listing), covering most expenses. This S-1/A registers ongoing Share issuances for public trading, providing convenient AVAX exposure without direct custody complexities, leveraging arbitrage by Authorized Participants like Jane Street and Virtu.

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