GRAYSCALE AVALANCHE TRUST (AVAX) NOTES TO FINANCIAL STATEMENTS
9. Indemnifications In the normal course of business, the Trust enters into certain contracts that provide a variety of indemnities, including contracts with the Sponsor and affiliates of the Sponsor, DCG and its officers, directors, employees, subsidiaries and affiliates, and the Custodian as well as others relating to services provided to the Trust. The Trust’s maximum exposure under these and its other indemnities is unknown. However, no liabilities have arisen under these indemnities in the past and, while there can be no assurances in this regard, there is no expectation that any will occur in the future. Therefore, the Sponsor does not consider it necessary to record a liability in this regard. 10. Subsequent Events As of the close of business on February 17, 2026, the fair value of AVAX determined in accordance with the Trust’s accounting policy was $9.16 per AVAX. On March 6, 2026, the Trust completed a 1-for-5 Reverse Share Split of the Trust’s issued and outstanding Shares. In connection with the Reverse Share Split effective for shareholders of record on March 5, 2026, every 5 issued and outstanding Shares of the Trust were converted into one Share. The number of outstanding Shares and per-Share amounts disclosed for periods prior to March 6, 2026 have been retroactively adjusted to reflect the effects of the Share Split. There are no known events that have occurred that require disclosure other than that which has already been disclosed in these notes to the financial statements.
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