Grayscale Avalanche Staking ETF (NASDAQ: GAVA) is a digital asset investment trust that holds Avalanche tokens (AVAX) on behalf of shareholders. The Trust earns income through two channels: a Sponsor's Fee charged against Trust assets and Staking Reward income earned by staking AVAX on the Avalanche Network. The Trust commenced operations on August 20, 2024, listed its shares on NASDAQ and established an ongoing share creation and redemption program on March 12, 2026, and is sponsored by Grayscale Investments Sponsors, LLC. Staking arrangements with the Custodian and third-party staking providers began March 12, 2026, with a portion of gross Staking Consideration allocated to the Custodian, staking providers, and the Sponsor as fees, and the remainder retained by the Trust in the form of additional AVAX. The Trust is structured as an investment company under U.S. GAAP (FASB ASC Topic 946) but is not registered under the Investment Company Act. CEO Peter Mintzberg and CFO Edward McGee serve as principal officers of the Sponsor.

Revenue model

The Trust generates revenue through two streams: a recurring Sponsor's Fee deducted from Trust assets, and Staking Reward income earned by staking AVAX on the Avalanche Network beginning March 12, 2026. A portion of gross Staking Consideration is allocated to the Custodian, third-party staking providers, and the Sponsor as the Sponsor's Staking Fee, with the remainder accruing to the Trust as additional AVAX holdings.

Products and services

The Trust's sole product is exchange-traded shares representing beneficial ownership in a pool of AVAX (Avalanche tokens). Shares are created and redeemed in Baskets of 10,000 Shares. NAV per Share is calculated using a non-GAAP methodology derived from multiple Digital Asset Trading Platforms, with valuation at 4:00 p.m. New York time on each trade date.

Customers and end markets

The Trust's shares are held by investors seeking exposure to AVAX through an exchange-traded structure on NASDAQ. The Trust is an investment company for U.S. GAAP purposes and serves investors who transact through the share creation and redemption program established March 12, 2026.

Value-chain role

The Trust acts as a passive holding vehicle and ETF sponsor, holding AVAX on behalf of shareholders, delegating custody and staking execution to a Custodian and third-party staking providers, and calculating NAV based on prices from Digital Asset Trading Platforms.

Geographic exposure

The Trust is organized in the United States and its shares are listed on NASDAQ. The Trust does not engage in foreign currency transactions and has no foreign operations, as disclosed in the 10-Q filed May 8, 2026.

Source: SEC 10-Q, filed 2026-05-08

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