GAVA Prospectus

GRAYSCALE AVALANCHE TRUST (AVAX) STATEMENTS OF ASSETS AND LIABILITIES (Amounts in thousands, except Share and per Share amounts)

December 31, 2025

December 31, 2024

Assets: Investment in AVAX, at fair value (cost $14,518 and $1,928 as of December 31, 2025 and 2024, respectively) $

7,090 $ 7,090 $

2,674 2,674

Total assets

$

Liabilities: Sponsor’s Fee payable, related party

$

- $

- -

Total liabilities

-

Net assets

$

7,090 $

2,674

Shares issued and outstanding, no par value (unlimited Shares authorized)

237,980

30,140

Principal Market NAV per Share

$

29.79 $

88.72

See accompanying notes to financial statements.

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