The Sponsor also calculates the NAV per Share, which equals the NAV of the Trust divided by the number of Shares then outstanding. The Sponsor will publish the NAV and NAV per Share each business day as of 4:00 p.m., New York time, or as soon thereafter as practicable at the Trust’s website at etfs.grayscale.com/gava. The contents of the website referred to above and any websites referred to herein are not incorporated into this filing. Further, our references to the URL for this website is intended to be an inactive textual reference only. See “Business—Valuation of AVAX and Determination of NAV” for a more detailed description of how the Trust’s NAV and NAV per Share are calculated. The Trust Agreement provides that the Trust may engage in Staking, but only if (and, then, only to the extent that) the Staking Condition has been satisfied. The Sponsor expects that the Staking Condition will be satisfied as to the particular form of Staking described herein, and the Sponsor intends to cause the Trust to engage in Staking as described herein, in connection with the commencement of the offering of the Shares pursuant to the registration statement of which this prospectus forms a part. The Sponsor may in the future modify the form of Staking in which the Trust engages, but only if (and, then, only to the extent that) the Staking Condition has been satisfied with respect to any such modified form of Staking, and subject to compliance with any additional requirements that may arise in connection with satisfaction of the Staking Condition with respect thereto. The Sponsor, on behalf of the Trust, has entered into Staking Arrangements with the Custodian to stake the Trust’s AVAX to one or more Staking Providers through Provider-Facilitated Staking. Under the Staking Arrangements, the Trust is permitted to accept only Native Staking Consideration received in the form of AVAX, and is not permitted to accept any Other Staking Consideration in the form of other digital assets. Furthermore, the Staking Arrangements also require that a Staking Provider meet certain requirements in order to be selected to participate in Provider-Facilitated Staking. The Staking Provider is the node operator and is obligated to operate the validator through which the Trust’s AVAX is staked to ensure that validation occurs. The Trust’s AVAX is staked from the Trust’s wallets administered by the Custodian, and the Staking Provider performs any related validation activities. The Trust retains control of its staked AVAX because the Avalanche Network does not permit the Staking Provider to transfer staked AVAX to any wallet other than as designated by the Sponsor. Because the Trust’s staked AVAX cannot, pursuant to the Avalanche Network protocol, be transferred other than as directed by the Sponsor, the Trust's AVAX is not deemed commingled with the AVAX of any other AVAX holder in connection with Staking, such as the Staking Provider or others who stake to the Staking Provider, even if the Staking Provider is in receipt of other AVAX holders’ validation rights. The Trust does not itself undertake any validation activities, and the Sponsor is not required to perform any services. As of the date of this filing, the Sponsor generally seeks to stake as much of the Trust’s AVAX as is practicable (i.e., up to 100%) at all times, except as needed as further described herein. The Trust’s AVAX would be un-staked (or not
Staking
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