Grayscale Avalanche Staking ETF
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
GAVA$20.31+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001193125-26-214576
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0002035053-26-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 48 previous paragraphs and 51 current paragraphs.
43 unchanged; 4 reworded; 4 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Net realized and unrealized loss on investment in AVAX for the three months ended June 30, 2025 was ($3,558), which includes a realized loss of ($10) on the sale of AVAX to pay Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in AVAX of ($3,548). Net realized and unrealized loss on investment in AVAX for the period was driven by AVAX price depreciation from $18.64 per AVAX as of March 31, 2025, to $18.21 per AVAX as of June 30, 2025. Net decrease in net assets resulting from operations was ($3,602) for the three months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in AVAX, plus the Sponsor’s Fee of $44. Net assets increased to $10,571 at June 30, 2025, a 610% increase for the three-month period. The increase in net assets resulted from the contribution of approximately 502,763 AVAX with a value of $12,684 to the Trust in connection with Share creations during the period, partially offset by the aforementioned AVAX price depreciation and the withdrawal of approximately 2,141 AVAX to pay the foregoing Sponsor’s Fee.
Current report
Net realized and unrealized loss on investment in AVAX for the six months ended June 30, 2026 was ($3,458), which includes a realized loss of ($41) on the transfer of AVAX to pay Sponsor’s Fee, net realized loss on investment in AVAX sold to pay Sponsor's Staking Fee of ($22) and net change in unrealized appreciation/depreciation on investment in AVAX of ($3,395). Net realized and unrealized loss on investment in AVAX for the period was driven by AVAX price depreciation from $12.33 per AVAX as of December 31, 2025 to $6.57 per AVAX as of June 30, 2026. Net decrease in net assets resulting from operations was ($3,444) for the six months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in AVAX, and the net investment gain of $14. Net assets decreased to $4,270 at June 30, 2026, a 40% decrease for the six-month period. The decrease in net assets resulted from the aforementioned AVAX price depreciation, the withdrawal of approximately 2,862 AVAX to pay the foregoing Sponsor’s Fee and the withdrawal of approximately 1,399 AVAX to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 72,355 AVAX with a value of $624 to the Trust in connection with Share creations during the period and the contribution of approximately 6,784 AVAX in connection with Staking Rewards.
Current report
Net realized and unrealized loss on investment in AVAX for the six months ended June 30, 2025 was ($4,861), which includes a realized loss of ($9) on the sale of AVAX to pay Sponsor’s Fee and net change in unrealized appreciation/depreciation on investment in AVAX of ($4,852). Net realized and unrealized loss on investment in AVAX for the period was driven by AVAX price depreciation from $35.81 per AVAX as of December 31, 2024, to $18.21 per AVAX as of June 30, 2025. Net decrease in net assets resulting from operations was ($4,918) for the six months ended June 30, 2025, which consisted of the net realized and unrealized loss on investment in AVAX, plus the Sponsor’s Fee of $57. Net assets increased to $10,571 at June 30, 2025, a 295% increase for the six-month period.
Current report
The increase in net assets resulted from the contribution of approximately 508,440 AVAX with a value of $12,815 to the Trust in connection with Share creations during the period, partially offset by the aforementioned AVAX price depreciation and the withdrawal of approximately 2,614 AVAX to pay the foregoing Sponsor’s Fee.
Removed paragraphs (1)
Previous report
Net realized and unrealized loss on investment in AVAX for the three months ended March 31, 2025 was ($1,303), which includes a realized gain of $1 on the sale of AVAX to pay expenses and net change in unrealized appreciation/depreciation on investment in AVAX of ($1,304). Net realized and unrealized loss on investment in AVAX for the period was driven by AVAX price depreciation from $35.81 per AVAX as of December 31, 2024, to $18.64 per AVAX as of March 31, 2025. Net decrease in net assets resulting from operations was ($1,316) for the three months ended March 31, 2025, which consisted of the net realized and unrealized loss on investment in AVAX. Net assets decrease to $1,489 at March 31, 2025, a 44% decrease for the three-month period. The decrease in net assets resulted the aforementioned AVAX price depreciation and the $131 AVAX to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of 5,677 AVAX with a value of $131 to the trust in connection with Share creations during the period.
Reworded paragraphs (4)
Previous wording
Financial Highlights for the Three Months Ended March 31, 2026 and 2025
Current wording
Financial Highlights for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
Net assets is calculated in accordance with U.S. GAAP based on the Digital Asset Market price of AVAX on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Current wording
Net assets in the above table and subsequent paragraphs are calculated in accordance with U.S. GAAP based on the Digital Asset Market price of AVAX on the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date.
Previous wording
Net realized and unrealized loss on investment in AVAX for the three months ended March 31, 2026 was ($2,005), which includes a realized loss of ($43) on the transfer of AVAX to pay expenses and net change in unrealized appreciation/depreciation on investment in AVAX of ($1,962). Net realized and unrealized loss on investment in AVAX for the period was driven by AVAX price depreciation from $12.33 per AVAX as of December 31, 2025 to $8.89 per AVAX as of March 31, 2026. Net decrease in net assets resulting from operations was ($2,028) for the three months ended March 31, 2026, which consisted of the net realized and unrealized loss on investment in AVAX, plus the net investment loss of $(23). Net assets decreased to $5,309 at March 31, 2026, a 25% decrease for the three-month period. The decrease in net assets resulted from the aforementioned AVAX price depreciation, the withdrawal of 2,750 AVAX to pay the foregoing Sponsor’s Fee and the withdrawal of 232 AVAX to pay the foregoing Sponsor’s Staking Fee, partially offset by and the contribution of approximately 24,047 AVAX with a value of $247 to the Trust in connection with Share creations during the period and the contribution of approximately 1,124 AVAX in connection with Staking Rewards,
Current wording
Net realized and unrealized loss on investment in AVAX for the three months ended June 30, 2026 was ($1,453), which includes a realized loss of ($2) on the transfer of AVAX to pay Sponsor’s Fee, net realized loss on investment in AVAX sold to pay Sponsor’s Staking Fee of ($18) and net change in unrealized appreciation/depreciation on investment in AVAX of ($1,433). Net realized and unrealized loss on investment in AVAX for the period was driven by AVAX price depreciation from $8.89 per AVAX as of March 31, 2026 to $6.57 per AVAX as of June 30, 2026. Net decrease in net assets resulting from operations was ($1,416) for the three months ended June 30, 2026, which consisted of the net realized and unrealized loss on investment in AVAX, and the net investment gain of $37. Net assets decreased to $4,270 at June 30, 2026, a 20% decrease for the three-month period. The decrease in net assets resulted from the aforementioned AVAX price depreciation, the withdrawal of approximately 112 AVAX to pay the foregoing Sponsor’s Fee and the withdrawal of approximately 1,167 AVAX to pay the foregoing Sponsor’s Staking Fee, partially offset by the contribution of approximately 48,309 AVAX with a value of $377 to the Trust in connection with Share creations during the period and the contribution of approximately 5,660 AVAX in connection with Staking Rewards.
Previous wording
The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee of the Trust in its discretion for stated periods of time. Effective March 12, 2026, the Sponsor has determined to waive a portion of the Sponsor’s Fee until the earlier of (x)June 12, 2026 and (y) the first date on which the NAV of the Trust exceeds $1.0 billion (such period, the “Fee Waiver Period”). If the Trust’s NAV exceeds $1.0 billion prior to June 12, 2026, the Sponsor’s Fee charged on assets over $1.0 billion will be 0.35%. After the Fee Waiver Period is over, the Sponsor’s Fee will be 0.35%. From March 12, 2026 to March 31, 2026, the Trust’s assets did not exceed $1.0 billion and no Sponsor’s Fee had been incurred.
Current wording
The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee of the Trust in its discretion for stated periods of time. Effective March 12, 2026, the Sponsor determined to waive a portion of the Sponsor’s Fee until the earlier of (x)June 12, 2026 and (y) the first date on which the NAV of the Trust exceeds $1.0 billion (such period, the “Fee Waiver Period”). Following the expiration date of the three-month waiver period on June 12, 2026 (the “Sponsor’s Fee Waiver Expiration Date”), the Sponsor’s Fee is 0.35%.