We advised Grayscale on launching one of the first spot AVAX ETFs in the United States

Davis Polk advised Grayscale Investments on the successful listing of Grayscale Avalanche Staking ETF, among the first spot AVAX exchange-traded funds (ETFs) to trade in the United States. Supported by an institutional staking program, Grayscale Avalanche Staking ETF is one of the few investment vehicles offering exposure to AVAX and its staking rewards. Shares of the ETF are listed on Nasdaq under the ticker “GAVA.”

AVAX is the native digital asset of Avalanche, a multi-chain smart contract platform launched in 2020. Avalanche is optimized for creating and transferring digital assets, executing smart contracts and enabling custom blockchains known as Avalanche Layer 1s. Since inception, the platform has facilitated over 11.4 billion transactions and has been adopted across gaming, financial services and tokenized real-world assets, reflecting its growing use by developers, enterprises and institutional participants.

The Davis Polk capital markets team included partners Joseph A. Hall and Daniel P. Gibbons and associates Dylan H. Lojac and Sean Kennelly. Partner Zachary J. Zweihorn, counsel Justin Levine and associates Boaz B. Goldwater and Abigail Barney provided financial institutions advice. Partners Patrick E. Sigmon and Lucy W. Farr and associate Seth Cole provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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