Grayscale Avalanche Trust (AVAX) is a passive investment vehicle designed to give investors regulated, exchange-traded exposure to AVAX, the native token of the Avalanche blockchain network, without requiring them to directly hold or custody the asset. The Trust intends to list shares on Nasdaq under the ticker "GAVA," with only registered broker-dealers acting as Authorized Participants able to create or redeem shares directly with the Trust. The Trust does not trade actively, use leverage, or employ derivatives — each share simply reflects the value of the AVAX held by the Trust, minus fees. AVAX is the utility token of the Avalanche Network, a proof-of-stake blockchain supporting smart contracts, decentralized applications, and custom sub-networks, with over 600 DApps built on it as of year-end 2025. The Trust charges a Sponsor's Fee of 0.35% annually, accrued daily and paid in AVAX from Trust holdings, which gradually reduces AVAX per share over time. A notable feature is the Trust's intent to stake substantially all of its AVAX holdings through third-party Staking Providers via Coinbase Custody, earning staking rewards that are largely passed through to shareholders — the Trust retains 77% of gross staking rewards, with the remaining 23% going to the Sponsor, Custodian, and Staking Provider. The Trust's financial performance is primarily driven by the price of AVAX, AUM growth, and Avalanche Network staking reward rates. AVAX is custodied entirely with Coinbase Custody using cold storage and geographically distributed vaults.