Can Nasdaq Trade Grayscale's Avalanche Crypto Trust?
Published Date: 7/15/2025
Notice
Summary
The SEC is deciding whether to approve Nasdaq’s plan to list and trade shares of the Grayscale Avalanche Trust (AVAX), a new crypto-based investment product. This affects investors interested in trading AVAX on Nasdaq and could open up fresh opportunities in crypto investing. The SEC’s decision deadline is July 15, 2025, and the outcome could impact market access and trading options.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Possible Nasdaq Listing of AVAX Shares
The SEC is considering whether to allow Nasdaq to list and trade shares of the Grayscale Avalanche Trust (AVAX), which would let investors trade AVAX-based shares on Nasdaq. The Exchange filed the proposal on March 27, 2025 and the Commission designated July 15, 2025 as the date to approve or disapprove the listing.
SEC Scrutiny on Fraud and Manipulation Risks
The Commission instituted proceedings to analyze whether listing AVAX shares satisfies Section 6(b)(5) of the Securities Exchange Act, which requires exchange rules to prevent fraudulent or manipulative acts and to protect investors and the public interest. The SEC is specifically seeking comment on whether the proposal prevents fraud or raises new or novel concerns.
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