AVAX Surges On Grayscale Avalanche Trust Announcement

Grayscales now offers 22 digital asset trusts, including 18 single-asset funds.

Grayscale Investments, a top digital asset investment manager boasting $13.6 billion in assets under management, is continuing its spree of shipping new funds.

On Aug. 22, Grayscale unveiled its Avalanche trust, an exchange-traded product (ETP) investing in AVAX, the native token of the Avalanche ecosystem.

Accredited investors can now purchase shares in the fund to gain exposure to AVAX. Grayscale offers 22 ETPs investing in cryptocurrencies.

“Through its key strategic partnerships and unique, multi-chain structure, Avalanche is playing a pivotal role in the advancement of RWA tokenization,” said Rayhaneh Sharif-Askary, Grayscale’s head of product and research.

The price of AVAX surged in response, with bulls pushing the token up 6% in one hour for a daily gain of 9.1%, according to The Defiant’s crypto price feeds.

AVAX has now rebounded 21.3% over the past fortnight but remains down 17% in 30 days due to the recent flash crash triggered by Bank of Japan hiking interest rates in early August.

Avalanche has enjoyed a recent spate of adoption from prominent mainstream institutions. Last month, California’s Department of Motor Vehicles began digitizing 42 million vehicle titles onto the Avalanche network. Earlier today, Franklin Templeton deployed its tokenized treasury fund on Avalanche, marking the fund’s third network deployment.

Grayscale now offers 22 crypto trusts, 18 of which are single-asset funds. Last week, Grayscale debuted its MakerDAO Trust, following the launch of funds investing in Bittensor and Sui on Aug. 7.

The Grayscale Avalanche Trust is the first trust to launch under the oversight of Grayscale’s new CEO, Peter Mintzberg.