新的灰度ETF申請旨在將雪崩的avax代幣帶到納斯達克

全球電子證券交易所和市場納斯達克已向美國證券交易委員會（SEC）提交了一項提案，以列出灰度雪崩信託基金會（AVAX），這是一個追踪雪崩區塊鏈的本地代幣的現貨ETF，標誌著朝著擴大基於Crypto Crypto的交流交易所交易貨物的產品（ETP）的關鍵步驟。

Nasdaq has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for listing shares of the Grayscale Avalanche Trust (AVAX). The application, filed on Friday, seeks approval for a spot exchange-traded fund (ETF) that will track the price of the Avalanche blockchain’s native token, avalanche (AVAX).

納斯達克已向美國證券交易委員會（SEC）提交了一項提案，以列出灰年雪崩信託（Avax）的股票。該申請於週五提交的申請尋求批准，以批准現貨交易所基金（ETF），該基金將跟踪雪崩區塊鏈的本地代幣雪崩（Avax）的價格。

The filing, made under SEC Form 19b-4, aims for the fund to be listed and traded on Nasdaq’s exchange in accordance with the exchange’s Rule 5711(d) for commodity-based trust shares. A 109-page document detailing the proposal was published this week.

根據SEC表格19B-4的文件，該文件旨在根據納斯達克的交易所在納斯達克的交易所上市和交易基金，以基於商品的信託股份的交易所規則5711（d）。本週發布了一份109頁的文件，詳細介紹了該提案。

The proposed ETF would hold AVAX directly, with Coinbase Custody Trust Company serving as the digital asset custodian. The trust’s net asset value (NAV) would be calculated daily using an index price derived from a weighted average of prices on multiple regulated crypto exchanges, including Kraken, Bitstamp, and Crypto.com, with the weights determined by trading volume and scrubbed for any anomalies.

擬議的ETF將直接持有Avax，而Coinbase監護信託公司擔任數字資產保管人。該信託的淨資產價值（NAV）將每天使用由多個受監管的加密交易所（包括Kraken，Bitstamp和Crypto.com）的加權平均價格得出的指數價格，並由交易量確定並擦洗任何異常。

In its application, Grayscale highlighted several safeguards against market manipulation, such as the geographical distribution of private keys used for hot and cold storage and real-time trade surveillance by Nasdaq’s market specialists.

在其應用中，Grayscale強調了一些防禦市場操作的保障措施，例如用於納斯達克市場專家的私人鑰匙的地理分佈以及用於冷藏的私鑰以及實時貿易監視。

The filing also noted the SEC’s recent approval of spot bitcoin (BTC) and ethereum (ETH) ETFs, and how Nasdaq’s surveillance-sharing agreement with Coinbase Derivatives—which offers AVAX futures—would provide sufficient measures for monitoring the futures and spot markets for any signs of manipulation.

該文件還指出，SEC最近對現貨比特幣（BTC）和以太坊（ETH）ETF的認可，以及納斯達克與Coinbase衍生產品的監視共享協議（提供Avax Futures）如何提供足夠的措施，以監控任何操縱跡象的未來市場。

“The correlation between the spot and futures markets for AVAX permits effective monitoring of both markets for signs of manipulation,” Grayscale stated in its application, echoing arguments used in earlier crypto ETF approvals.

Grayscale在其應用中指出，“現場與期貨市場與期貨市場之間的相關性允許對兩個市場進行有效監控以進行操縱跡象，這與較早的Crypto ETF批准中使用的論點相呼應。

As of March 28, 2025, Grayscale’s AVAX Trust had an investment portfolio valued at $1,760,875 in AVAX, and each share of the trust is designed to represent 0.49256798 AVAX.

截至2025年3月28日，Grayscale的Avax Trust的投資組合價值為1,760,875美元，而該信託的每股份額旨在代表0.49256798 Avax。

Creation and redemption of the trust shares would occur via cash-only transactions handled by authorized participants, typically large broker-dealers, with each basket used for creation or redemption being equal to 10,000 shares of the trust. The trust itself would not engage in any active management, instead passively reflecting the market price of AVAX, subject to deductions for trust expenses and the addition of a small premium to ensure efficient creation and arbitrage.

信託股份的創建和贖回將通過授權參與者（通常是大型經紀交易商）處理的僅現金交易進行，而每個籃子用於創建或贖回等於信託的10,000股。信託本身不會從事任何積極的管理，而是被動地反映了avax的市場價格，但要扣除信託費用和增加小額保費以確保有效的創造和套利。

Nasdaq’s proposal includes provisions for quickly shutting down trading in the ETF via circuit-breaker triggers during periods of extreme volatility, and it mandates real-time disclosures of the fund’s complete holdings and NAV. The exchange also cited Avalanche’s proof-of-stake (PoS) consensus mechanism as a more energy-efficient alternative to Bitcoin’s mining model.

納斯達克的提議包括在極端波動期間通過斷路器觸發器快速關閉ETF交易的規定，並要求對基金的全部持股和NAV進行實時披露。該交易所還引用了雪崩的驗證證明（POS）共識機制，是比特幣採礦模型的更節能的替代品。

The SEC has 45-90 days to approve or deny the application. If approved, the ETF would become the first product offering direct exposure to AVAX on a major U.S. exchange, expanding institutional access to the token, which has a market capitalization of $8.4 billion.

SEC有45-90天的批准或拒絕申請。如果獲得批准，ETF將成為美國主要交易所直接接觸Avax的第一個產品，從而擴大了對代幣的機構訪問，該公司的市值為84億美元。

Grayscale, already a dominant player in the crypto ETP space with its Bitcoin Trust, has been expanding its lineup of crypto products. The Avalanche Trust’s structure closely follows that of Grayscale’s existing products, with CoinDesk Indices providing the index prices and BNY Mellon serving as the transfer agency.

Grayscale已經是Crypto ETP空間中具有比特幣信任的主要參與者，一直在擴展其加密產品系列。雪崩信託基金的結構緊密遵循Grayscale現有產品的結構，Coindesk指數提供指數價格，而BNY Mellon擔任轉會機構。

The filing comes as U.S. regulators are facing increasing pressure to provide greater clarity on crypto regulations, which were largely put in place during the Trump administration.

申請是因為美國監管機構正面臨著越來越多的壓力，要求更明確地清楚加密法規，而加密法規在特朗普政府期間在很大程度上已經實施了。

The SEC’s approval of the first bitcoin futures ETF in 2021 paved the way for a wave of new crypto ETPs. However, despite numerous applications, no spot bitcoin ETF was approved until earlier this year, with the first such product being launched by Bitwise in March.

SEC在2021年對第一個比特幣期貨ETF的認可為一波新的加密ETP鋪平了道路。然而，儘管有許多申請，但直到今年年初才批准了斑點比特幣ETF，第一種此類產品在3月份被Bitwise推出。

Earlier this year, the SEC also approved applications for a spot ethereum ETF from Invesco and a spot ether futures ETF from Volkov. Both products are set to begin trading next week.

今年早些時候，SEC還批准了來自Invesco的現貨以太坊ETF的申請，以及Volkov的現貨Ether Futures ETF。兩種產品都將在下週開始交易。

The U.S. regulator had previously stalled on approving spot bitcoin ETFs, expressing concerns about the potential for fraud and manipulation in crypto markets. However, in recent months, SEC Chair Gary Gensler has indicated a greater openness to approving such products, particularly in response to a lawsuit filed by cryptocurrency exchange sued the SEC last year over its seven-year-long delay in processing an application for a spot bitcoin ETF.

美國監管機構此前曾停止批准比特幣ETF，對加密市場中欺詐和操縱的潛力表示擔憂。但是，最近幾個月，SEC主席Gary Gensler表示，批准此類產品的開放性更大，特別是為了回應加密貨幣交易所提起的訴訟，去年，SEC涉及其為期七年的延遲處理現場比特幣ETF的申請。