灰度提出了一个建议，将灰度avax信托列为现场ETF

纳斯达克已向美国证券交易委员会（SEC）提交了官方请求，以将灰度avax信托列为现货ETF。

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

纳斯达克已向美国证券交易委员会（SEC）提交了官方请求，以将灰度avax信托列为现货ETF。

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

该提案旨在将自2024年8月以来活跃的封闭式基金转变为一个经过交换和完全监管的基金。

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

因此，灰度正在加强其在数字资产ETF领域的扩张策略，旨在提高透明度，竞争力和可及性。

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

以下是对项目的详细分析及其对市场的影响。

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

什么是灰度的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，纳斯达克向SEC提出了一项提案，开始将灰avalanche信托转换为现场ETF的过程。目前，该基金作为私家车运营，仅在二级市场上交易股票。

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.

由于ETF允许的套利模型，向ETF的过渡将允许与基础资产的价值更加紧密地一致，从而降低了净资产价值的溢价或折扣。

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.

根据Grayscale在请求时报告的数据，该信托的资产约为176万美元。每股份额约为0.49 avax，每股净资产价值为10.86美元，而目前的市场价格为10.11美元。

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

这相当于7.4％的溢价，该公司认为这过多并且可能随着转换而减少。

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

我们提醒您，Avalanche是一种新一代区块链，专注于可扩展性，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扇区中广泛使用，是网络的天然令牌，在效用，本金和权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：多样化和成本竞争之间

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种与加密货币相关的投资产品，其中包括25种单资产信托（例如比特币，以太坊，Litecoin和现在的Avax）和3个多元化的主题基金。

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.

该公司正在监管方面加速，并在XRP和Cardano上提出了积极的ETF请求，这是长期计划的标志，旨在覆盖广泛的加密货币宇宙。

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).

近几个月来，Grayscale已获得批准，将两个封闭式资金转换为现货ETF：灰比特币信托基金（GBTC）和以太坊信托基金（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，它推出了两者的“迷你”版本。也就是说，比特币迷你信托（BTC）和Ether Mini Trust（ETH）创建的，目的是提供较低的管理成本并吸引具有成本意识的投资。

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

尽管取得了监管成功，但灰比特币信托基金会经历了重大的资本侵蚀。

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日作为ETF推出以来，GBTC的录制了超过210亿美元的流出。因此，代表同一时期美国唯一与美国净负流量关闭的比特币ETF。

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

关键点是费用：GBTC的年度成本为1.5％，高于行业平均水平。

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%).

为了进行比较，Grayscale的比特币迷你信托提供的年费为0.15％。所有这些都符合最便宜的ETF的基准（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：信托的“迷你”版本已经引起了更多的兴趣。

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.

无论如何，灰度雪崩信任的转换请求符合更广泛的背景。也就是说，在这种情况下，资产管理人员正在探索如何通过传统但完全监管的工具访问加密货币的世界。

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.

如果获得批准，AVAX上的ETF将标志着开发与新兴代币相关的产品的重要先例，但具有扎实的技术基础和活跃的社区。

Why AVAX?

为什么要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选择将注意力集中在雪崩中，作为战略领域的主动区块链，例如分散的金融（DEFI），Web3游戏和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.

由于子网结构，该网络以其高吞吐量，快速终止和模块化而受到重视。因此，关于avax的ETF将扩大机构投资者的接触范围，而不是通常的比特币和以太坊。

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，监管环境仍然是主要障碍，但也是最大的机会。随着SEC越来越受到替代加密货币的ETF要求的压力，Avax的批准可以为SOL，DOT，MATIC或LINK上的类似产品打开大门。

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

灰度已经与XRP，Litecoin和Cardano领先，打算利用积累的后勤和监管经验来保持竞争优势。

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

换句话说，纳斯达克和格雷斯卡（Nasdaq）和格雷斯卡（Grayscale）表明，愿意建立由数字资产驱动的新一代金融产品，但完全集成到受监管的金融产品中