GAVA Prospectus

GRAYSCALE AVALANCHE STAKING ETF SCHEDULES OF INVESTMENT (Amounts in thousands, except quantity of AVAX and percentages)

December 31, 2025

Quantity of AVAX

% of Net Assets

Cost

Fair Value

Investment in AVAX

575,012.34055965 $

14,518 $

7,090 7,090

100 % 100 %

Net assets

$

December 31, 2024

Quantity of AVAX

% of Net Assets

Cost

Fair Value

Investment in AVAX

74,668.54471653 $

1,928 $

2,674 2,674

100 % 100 %

Net assets

$

See accompanying notes to financial statements.

F-4

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