新的灰度ETF申请旨在将雪崩的avax代币带到纳斯达克

全球电子证券交易所和市场纳斯达克已向美国证券交易委员会（SEC）提交了一项提案，以列出灰度雪崩信托基金会（AVAX），这是一个追踪雪崩区块链的本地代币的现货ETF，标志着朝着扩大基于Crypto Crypto的交流交易所交易货物的产品（ETP）的关键步骤。

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).

纳斯达克已向美国证券交易委员会（SEC）提交了一项提案，以列出灰年雪崩信托（Avax）的股票。该申请于周五提交的申请寻求批准，以批准现货交易所基金（ETF），该基金将跟踪雪崩区块链的本地代币雪崩（Avax）的价格。

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.

根据SEC表格19B-4的文件，该文件旨在根据纳斯达克的交易所在纳斯达克的交易所上市和交易基金，以基于商品的信托股份的交易所规则5711（d）。本周发布了一份109页的文件，详细介绍了该提案。

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.

拟议的ETF将直接持有Avax，而Coinbase监护信托公司担任数字资产保管人。该信托的净资产价值（NAV）将每天使用由多个受监管的加密交易所（包括Kraken，Bitstamp和Crypto.com）的加权平均价格得出的指数价格，并由交易量确定并擦洗任何异常。

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.

在其应用中，Grayscale强调了一些防御市场操作的保障措施，例如用于纳斯达克市场专家的私人钥匙的地理分布以及用于冷藏的私钥以及实时贸易监视。

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.

该文件还指出，SEC最近对现货比特币（BTC）和以太坊（ETH）ETF的认可，以及纳斯达克与Coinbase衍生产品的监视共享协议（提供Avax Futures）如何提供足够的措施，以监控任何操纵迹象的未来市场。

“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在其应用中指出，“现场与期货市场与期货市场之间的相关性允许对两个市场进行有效监控以进行操纵迹象，这与较早的Crypto ETF批准中使用的论点相呼应。

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的投资组合价值为1,760,875美元，而该信托的每股份额旨在代表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.

信托股份的创建和赎回将通过授权参与者（通常是大型经纪交易商）处理的仅现金交易进行，而每个篮子用于创建或赎回等于信托的10,000股。信托本身不会从事任何积极的管理，而是被动地反映了avax的市场价格，但要扣除信托费用和增加小额保费以确保有效的创造和套利。

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.

纳斯达克的提议包括在极端波动期间通过断路器触发器快速关闭ETF交易的规定，并要求对基金的全部持股和NAV进行实时披露。该交易所还引用了雪崩的验证证明（POS）共识机制，是比特币采矿模型的更节能的替代品。

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天的批准或拒绝申请。如果获得批准，ETF将成为美国主要交易所直接接触Avax的第一个产品，从而扩大了对代币的机构访问，该公司的市值为84亿美元。

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已经是Crypto ETP空间中具有比特币信任的主要参与者，一直在扩展其加密产品系列。雪崩信托基金的结构紧密遵循Grayscale现有产品的结构，Coindesk指数提供指数价格，而BNY Mellon担任转会机构。

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.

申请是因为美国监管机构正面临着越来越多的压力，要求更明确地清楚加密法规，而加密法规在特朗普政府期间在很大程度上已经实施了。

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年对第一个比特币期货ETF的认可为一波新的加密ETP铺平了道路。然而，尽管有许多申请，但直到今年年初才批准了斑点比特币ETF，第一种此类产品在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.

今年早些时候，SEC还批准了来自Invesco的现货以太坊ETF的申请，以及Volkov的现货Ether Futures ETF。两种产品都将在下周开始交易。

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.

美国监管机构此前曾停止批准比特币ETF，对加密市场中欺诈和操纵的潜力表示担忧。但是，最近几个月，SEC主席Gary Gensler表示，批准此类产品的开放性更大，特别是为了回应加密货币交易所提起的诉讼，去年，SEC涉及其为期七年的延迟处理现场比特币ETF的申请。