灰度提出了一個建議，將灰度avax信託列為現場ETF

納斯達克已向美國證券交易委員會（SEC）提交了官方請求，以將灰度avax信託列為現貨ETF。

Nasdaq has submitted an official request to the Securities and Exchange Commission (SEC) to list the Grayscale AVAX Trust as a spot ETF.

納斯達克已向美國證券交易委員會（SEC）提交了官方請求，以將灰度avax信託列為現貨ETF。

The proposal aims to convert the closed-end fund active since August 2024 into an exchange-traded and fully regulated fund.

該提案旨在將自2024年8月以來活躍的封閉式基金轉變為一個經過交換和完全監管的基金。

Grayscale is thus strengthening its expansion strategy in the digital asset ETF sector, aiming for more transparency, competitiveness, and accessibility.

因此，灰度正在加強其在數字資產ETF領域的擴張策略，旨在提高透明度，競爭力和可及性。

Below is a detailed analysis of the project and the implications for the market.

以下是對項目的詳細分析及其對市場的影響。

What is the Grayscale AVAX Trust and how the ETF would work

什麼是灰度的avax信任以及ETF如何工作

On March 27, 2025, Nasdaq filed a proposal with the SEC to begin the process of converting the Grayscale Avalanche Trust into a spot ETF. Currently, the fund operates as a private vehicle, with shares traded only on the secondary market.

2025年3月27日，納斯達克向SEC提出了一項提案，開始將灰avalanche信託轉換為現場ETF的過程。目前，該基金作為私家車運營，僅在二級市場上交易股票。

The transition to ETFs would allow for a price more closely aligned with the value of the underlying assets, thanks to the arbitrage model permitted by ETFs, thus reducing the premium or discount on the net asset value.

由於ETF允許的套利模型，向ETF的過渡將允許與基礎資產的價值更加緊密地一致，從而降低了淨資產價值的溢價或折扣。

According to data reported by Grayscale at the time of the request, the trust holds assets amounting to approximately 1.76 million dollars. Each share represents about 0.49 AVAX and the net asset value per share is 10.86 dollars, compared to a current market price of 10.11 dollars.

根據Grayscale在請求時報告的數據，該信託的資產約為176萬美元。每股份額約為0.49 avax，每股淨資產價值為10.86美元，而目前的市場價格為10.11美元。

This equates to a premium of 7.4%, which the company considers excessive and likely to decrease with the conversion.

這相當於7.4％的溢價，該公司認為這過多並且可能隨著轉換而減少。

We remind you that Avalanche is a new-generation blockchain focused on scalability, interoperability, and fast transactions.

我們提醒您，Avalanche是一種新一代區塊鏈，專注於可擴展性，互操作性和快速交易。

Widely used in the DeFi and NFT sectors, AVAX is the native token of the network and represents a solid alternative to Ethereum in terms of utility, time-to-finality, and decentralization.

Avax在Defi和NFT扇區中廣泛使用，是網絡的天然令牌，在效用，本金和權力下放方面代表了以太坊的可靠替代品。

The ETF strategy of Grayscale: between diversification and cost competition

灰度的ETF策略：多樣化和成本競爭之間

Grayscale currently offers 28 cryptocurrency-related investment products, including 25 single-asset trusts (such as Bitcoin, Ethereum, Litecoin, and now AVAX) and 3 diversified thematic funds.

Grayscale目前提供28種與加密貨幣相關的投資產品，其中包括25種單資產信託（例如比特幣，以太坊，Litecoin和現在的Avax）和3個多元化的主題基金。

The company is accelerating on the regulatory front, with active requests for spot ETFs also on XRP and Cardano, a sign of long-term planning aiming to cover a broad spectrum of the crypto universe.

該公司正在監管方面加速，並在XRP和Cardano上提出了積極的ETF請求，這是長期計劃的標誌，旨在覆蓋廣泛的加密貨幣宇宙。

In recent months, Grayscale has received approval to convert two closed-end funds into spot ETFs: the Grayscale Bitcoin Trust (GBTC) and the Ethereum Trust (ETHE).

近幾個月來，Grayscale已獲得批准，將兩個封閉式資金轉換為現貨ETF：灰比特幣信託基金（GBTC）和以太坊信託基金（ETHE）。

Furthermore, it launched the “Mini” versions of both. That is, the Bitcoin Mini Trust (BTC) and the Ether Mini Trust (ETH), created with the aim of offering lower management costs and attracting cost-conscious investments.

此外，它推出了兩者的“迷你”版本。也就是說，比特幣迷你信託（BTC）和Ether Mini Trust（ETH）創建的，目的是提供較低的管理成本並吸引具有成本意識的投資。

Despite the regulatory success, the Grayscale Bitcoin Trust has experienced significant erosion of capital.

儘管取得了監管成功，但灰比特幣信託基金會經歷了重大的資本侵蝕。

Since its launch as an ETF on January 11, 2024, GBTC has recorded outflows of over 21 billion dollars. Thus representing the only Bitcoin ETF to close with a net negative flow in the United States during the same period.

自2024年1月11日作為ETF推出以來，GBTC的錄製了超過210億美元的流出。因此，代表同一時期美國唯一與美國淨負流量關閉的比特幣ETF。

The crucial point is the fees: GBTC applies an annual cost of 1.5%, much higher than the industry average.

關鍵點是費用：GBTC的年度成本為1.5％，高於行業平均水平。

For comparison, the Bitcoin Mini Trust by Grayscale offers an annual fee of 0.15%. All of this is in line with the benchmark of the cheapest ETFs (between 0.19% and 0.25%).

為了進行比較，Grayscale的比特幣迷你信託提供的年費為0.15％。所有這些都符合最便宜的ETF的基準（0.19％至0.25％）。

The same applies to Ethereum: the “Mini” version of the trust has already attracted more interest thanks to a much more competitive fee profile.

以太坊也是如此：信託的“迷你”版本已經引起了更多的興趣。

In any case, the request for conversion of the Grayscale Avalanche Trust fits into a broader context. That is, a context in which asset managers are exploring ways to make the world of cryptocurrencies accessible through traditional but fully regulated instruments.

無論如何，灰度雪崩信任的轉換請求符合更廣泛的背景。也就是說，在這種情況下，資產管理人員正在探索如何通過傳統但完全監管的工具訪問加密貨幣的世界。

If approved, the ETF on AVAX would mark an important precedent for the development of products related to emerging tokens but with solid technological foundations and active communities.

如果獲得批准，AVAX上的ETF將標誌著開發與新興代幣相關的產品的重要先例，但具有紮實的技術基礎和活躍的社區。

Why AVAX?

為什麼要avax？

Grayscale has chosen to focus attention on Avalanche as an active blockchain in strategic areas such as decentralized finance (DeFi), Web3 gaming, and NFTs.

Grayscale選擇將注意力集中在雪崩中，作為戰略領域的主動區塊鏈，例如分散的金融（DEFI），Web3遊戲和NFT。

The network is valued for its high throughput, fast finality, and modularity thanks to the subnet structure. An ETF on AVAX would thus expand the range of exposure for institutional investors beyond the usual Bitcoin and Ethereum.

由於子網結構，該網絡以其高吞吐量，快速終止和模塊化而受到重視。因此，關於avax的ETF將擴大機構投資者的接觸範圍，而不是通常的比特幣和以太坊。

However, the regulatory context remains the main obstacle, but also the greatest opportunity. With an SEC increasingly pressured by requests for ETFs on alternative cryptocurrencies, the approval of AVAX could open the door for similar products on SOL, DOT, MATIC, or LINK.

但是，監管環境仍然是主要障礙，但也是最大的機會。隨著SEC越來越受到替代加密貨幣的ETF要求的壓力，Avax的批准可以為SOL，DOT，MATIC或LINK上的類似產品打開大門。

Grayscale, already ahead with XRP, Litecoin, and Cardano, intends to leverage the logistical and regulatory experience accumulated to maintain a competitive advantage.

灰度已經與XRP，Litecoin和Cardano領先，打算利用積累的後勤和監管經驗來保持競爭優勢。

In other words, with this initiative, Nasdaq and Grayscale demonstrate the willingness to build a new generation of financial products driven by digital assets but fully integrated into regulated

換句話說，納斯達克和格雷斯卡（Nasdaq）和格雷斯卡（Grayscale）表明，願意建立由數字資產驅動的新一代金融產品，但完全集成到受監管的金融產品中