“ Basket ”—A block of 10,000 Shares. “ Basket Amount ”—On any trade date, the amount of AVAX required as of such trade date for the creation or redemption of a Basket, as determined by dividing (x) the amount of AVAX owned by the Trust at 4:00 p.m., New York time, on such trade date, after deducting the amount of AVAX representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one AVAX (i.e., carried to the eighth decimal place)), and multiplying such quotient by 10,000. “ Basket NAV ”—The U.S. dollar value of a Basket calculated by multiplying the Basket Amount by the Index Price as of the trade date. “ Binance ”—Binance Holdings Ltd. “ Bitcoin ”—A type of digital asset based on an open-source cryptographic protocol existing on the Bitcoin network. “ Bitcoin Network ”—The online, end-user-to-end-user network hosting the public transaction ledger, known as the Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network. “ Blockchain ” or “ Avalanche Blockchain ”—The public transaction ledger of the Avalanche Network on which transactions in AVAX are recorded. " Board "—Board of Directors of Grayscale Investments, Inc., which as of October 22, 2025, and pursuant to the Management Reorganization, manages and directs the affairs of the Sponsor. Prior to January 1, 2025, any references to the "Board" refer to the board of directors of Grayscale Investments, LLC, the former Sponsor of the Trust. From January 1, 2025, to October 22, 2025, any references to the "Board" refer to the board of directors of GSOIH. From and after October 22, 2025, any references to the "Board" refer to the board of directors of Grayscale Investments. “ Cash Account ”—The segregated account maintained by the Transfer Agent in the name of the Trust for purposes of receiving cash from Authorized Participants and Liquidity Providers in connection with creations of Shares and distributing cash to Authorized Participants and Liquidity Providers in connection with redemptions of Shares. “ Cash Order ”—An order for the creation or redemption of Shares pursuant to procedures facilitated by the Transfer Agent and pursuant to which a Liquidity Provider is engaged to facilitate the purchase or sale of AVAX. A Cash Order may be executed as either a Variable Fee Cash Order or an Actual Execution Cash Order. Unless the Sponsor determines otherwise in its sole discretion based on market conditions and other factors existing at the time of such Cash Order, all creations and redemptions pursuant to Cash Orders are expected to be executed as Variable Fee Cash Orders. “ CEA ”—Commodity Exchange Act of 1936, as amended. “ CFTC ”—The U.S. Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States. “ CME ”—The Chicago Mercantile Exchange. “ Code ”—The U.S. Internal Revenue Code of 1986, as amended. “ Coinbase ”—Coinbase, Inc. “ Coinbase Credit ”—Coinbase Credit, Inc. “ Coinbase Derivatives ”—Coinbase Derivatives, LLC.
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