Grayscale InvestmentsGrayscale Avalanche to the US Securities and Stock Exchange Commission (SEC) on August 25 
$24.40 S-1 registration declaration for Trust (AVAX) presented. According to the S-1 registration declaration submitted to the SEC, the main network of the Avalanche network will follow the price of AVAX. In case of approval from the US regulator, ETF will be listed in Nasdaq and will be opened for transactions. Coinbase Custody was assigned to the storage solution of the coins that ETF will hold on behalf of its customers, while the intermediary task was given to Coinbase.
Details of Grayscale’s Avax ETF application
The application documents include the basic framework about the structure of ETF and the price tracking target. Accordingly, Grayscale Avalanche Trust product wants to present directly Avax Coinwill follow the price.
As reflected in the documents ETF It will be directly listed in Nasdaq. This emphasis is aimed at providing stock market quotation to the investment product. AVAX’s laundering service provider will be kept on behalf of ETF’s customers Coinbase CustodyThe main role of mediation will be in Coinbase.
What will happen now, how will the process work?
Grayscale’s today SelectionAfter the application submitted to the process will begin with the examination of the S-1 file. After the examination of the Board Unit, the commentary will send a comment letter and Grayscale will respond to this letter with S-1/A corrections. These correspondence may take a few rounds. Following the completion of the initial examination phase, the exporter Rule 461 may accelerate the process by demanding acceleration within the scope of 461 and if the SEC deems appropriate, the process is accelerated. Parallel to this process Nasdaq‘A listing application will be made and ETF’s reservation, forms, fees and corporate governance verification will be completed. If the product has a structure other than the existing stock market rules, NASDAQ will offer Rule a 19b-4 rules change proposal. Comments will be received from the public and approval or rejection decision will be made.
Prior to the procedure, CUSIP and DTC (DTCC) are suitable, while swap-shedding flow and market opening will be planned. After S-1 is enabled, NASDAQ listing is approved and if necessary, 19b-4, the transaction date will be announced and then the transactions will be initiated.
S-1 examination alone usually lasts 90–150 days. The first letter of comments comes in most files within 27–30 days. If the comments are less and the answers are fast, the application is effective in approximately 6-8 weeks with Rule 461 acceleration. However, if required in ETF/ETP listing 19b-4, the process for the final decision may take 240 days from the Federal Register publication. The SEC has the right to decide in the first 45 days or to extend the time.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
