Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission to convert its Avalanche Trust into a spot ETF tracking the Avalanche (AVAX) cryptocurrency. The company aims to list the Grayscale Avalanche Trust on the Nasdaq exchange. Coinbase Custody will serve as the custodian, with Coinbase, Inc. acting as the prime broker for the fund. This move expands Grayscale's cryptocurrency product lineup, which already includes Bitcoin and Ethereum ETFs, and represents an effort to bring altcoins like AVAX into a regulated financial market. The filing signals Grayscale's continued push to gain regulatory approval for altcoin ETFs, although the ultimate decision rests with the SEC. The Avalanche Trust conversion would provide traditional investors with a regulated on-ramp to AVAX exposure through Nasdaq.