The submission of this document is a crucial step in the process of proposing a new ETF. Once acknowledged by the SEC, it will be published in the Federal Register, initiating the approval process for Grayscale's Avalanche ETF proposal. Grayscale aims to convert its existing Avalanche Trust, established in August 2024 as a private placement, into a spot ETF with assets exclusively consisting of AVAX, the native token of the Avalanche blockchain network. The investment objective is for the trust's shares to reflect the value of AVAX held by the Trust, adjusted for expenses and liabilities. The Coinbase platform will act as the custodian for the Trust, while BNY Mellon Asset Servicing is designated as the administrator and transfer agent. This filing comes in the midst of a competitive push in the spot Avalanche ETF race, with VanEck also submitting an S-1 registration statement to the SEC seeking approval for a spot Avalanche ETF. Both Grayscale and VanEck are competing to be the first to market with a spot Avalanche ETF. Avalanche is a high-performance Layer 1 blockchain known for its low latency and scalability, consisting of the X-Chain for asset transfers, the C-Chain for Ethereum-compatible smart contracts, and the P-Chain for validator management and custom blockchain creation (subnets). The news of Nasdaq filing for approval of Grayscale's Spot Avalanche ETF was originally reported by Coindoo.