Grayscale Investment Announces the Public Launch of the Grayscale Avalanche Trust

This trust will function like a single-asset investment and focusing solely on Avalanche (AVAX). AVAX’s open interest has jumped by over 12%, signals

Grayscale Investments, the world's largest digital currency asset manager, has announced the public launch of the Grayscale Avalanche Trust. This trust will function like a single-asset investment and focusing solely on Avalanche (AVAX).

Following this announcement, Avalanche (AVAX) gained significant attention from traders and investors and experienced a notable price surge.  

This latest announcement now brings the total number of crypto investment products offered by Grayscale to more than 20. With the latest announcement, the trust allows investors to gain exposure to Avalanche (AVAX).

Following this announcement, Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary said, “The launch of Grayscale Avalanche Trust highlights Grayscale’s ongoing commitment to providing investors with innovative opportunities to access exciting developments in the crypto ecosystem.”

However, the firm also noted in a report that the trust is now open for daily subscriptions by eligible accredited investors. Additionally, this trust will function like a single-asset investment and focus solely on Avalanche (AVAX).

Meanwhile, the trust's shares will trade over-the-counter (OTC) and are expected to be included in OTC markets like OTCQX. Notably, the trust's shares will be created and redeemed in-kind with AVAX tokens.

On the other hand, the trust's net asset value (NAV) will be calculated once daily and published on Grayscale's website around 4 p.m. ET each business day. This NAV will be used to determine the over-the-counter (OTC) market price of the trust's shares.

Moreover, Grayscale also highlighted that the trust's shares will be eligible for physical delivery. However, this delivery will be subject to certain terms and conditions, including a minimum delivery amount.

Accredited investors who are interested in subscribing for the trust's shares should contact their financial advisors for more details. Additionally, further information about the trust is also available on Grayscale's website.

AVAX Price Today

At the time of writing, AVAX's price is up 8.17% during the last 24 hours of trading and is currently valued at $24.95.

In the last 24 hours, AVAX's trading volume has also increased by 8.9%, and currently, the total trading volume of AVAX stands at $662 million.

Throughout the last seven days, AVAX's price has increased by 21.2%, and during the last 30 days, AVAX's price has also increased by 6.3%.

Currently, AVAX is ranked as the 11th largest cryptocurrency in the world, with a total market cap value of $9.1 billion.

AVAX Price Analysis

On the daily time frame, AVAX looks bullish despite trading below the 200 Exponential Moving Average (EMA). However, it is facing strong resistance near the $24.70 level.

If AVAX closes a daily candle above this resistance level of $25.50, there is a high possibility it could soar 23% to the $31 level.

On the other hand, if AVAX fails to hold the $23 support level, it could drop 13% to the $20 level before finding the next buying zone.

However, with this recent announcement, there is also a potential for the AVAX price could rise to $50 level in the coming days.

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