applicable, any Additional Trust Expenses. The Trust is not aware of any trends, demands, conditions or events that are reasonably likely to result in material changes to its liquidity needs. Selected Operating Data December 31, 2025 2024 Price of AVAX on principal market $ 12.33 $ 35.81 Principal Market NAV per Share (1)(3) $ 29.79 $ 88.72 Principal Market NAV (1) $ 7,089,902 $ 2,673,881 Index Price $ 12.34 $ 35.92 NAV per Share (2)(3) $ 29.82 $ 88.99 NAV (Non-GAAP) (2) $ 7,096,177 $ 2,682,094 (1) The Principal Market NAV and Principal Market NAV per Share are calculated using the fair value of AVAX based on the price provided by the Digital Asset Trading Platform that the Trust considered its principal market, as of 4:00 p.m., New York time, on the valuation date, in accordance with U.S. GAAP. (2) The Trust’s NAV and NAV per Share are derived from the Index Price as represented by the Index as of 4:00 p.m., New York time, on the valuation date. The Trust’s NAV per Share is calculated using a non-GAAP methodology where the price is derived from multiple Digital Asset Trading Platforms. See “Business—Overview of the Avalanche Industry and Market—The Index and the Index Price.” (3) Shares and per Share amounts for periods presented prior to the Reverse Share Split have been retroactively adjusted for the 1-for-5 Reverse Share Split of the Trust’s issued and outstanding Shares completed on March 6, 2026. For accounting purposes, the Trust reflects creations and the AVAX receivable with respect to such creations on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of AVAX is received. At this time, the Trust is not accepting redemption requests from shareholders. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Historical NAV and AVAX Prices As movements in the price of AVAX will directly affect the price of the Shares, investors should understand recent movements in the price of AVAX. Investors, however, should also be aware that past movements in the AVAX price are not indicators of future movements. Movements may be influenced by various factors, including, but not limited to, government regulation, security breaches experienced by service providers, as well as political and economic uncertainties around the world. The following chart illustrates the movement in the Trust’s NAV per Share versus the Index Price and the Trust’s Principal Market NAV per Share from August 20, 2024 (the commencement of the Trust’s operations) to December 31, 2025:
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