What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 69 added, 63 removed, 315 unchanged (30% of the section changed)

3 unchanged sentences

(Amounts in thousands, except Share and per Share amounts)

March 31, 2026

June 30, 2026

December 31, 2025

Investment in AVAX, at fair value (cost $ 14,699 and $ 14,518 as of March 31, 2026 and December 31, 2025, respectively)

Investment in AVAX, at fair value (cost $ 15,093 and $ 14,518 as of June 30, 2026 and December 31, 2025, respectively)

Sponsor's Staking Fee payable, related party

7 unchanged sentences

(Amounts in thousands, except quantity of AVAX and percentages)

March 31, 2026

June 30, 2026

Fair Value (1)

Investment in AVAX

5 unchanged sentences

Total Investment

(1) Investment in AVAX includes $ 3,453 of staked AVAX at June 30, 2026 .

See accompanying notes to the unaudited financial statements.

2 unchanged sentences

(Amounts in thousands)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Investment income:

6 unchanged sentences

Sponsor's Fee Waiver, related party

Net investment loss

Net realized and unrealized loss on investment from:

Net realized (loss) gain on investment in AVAX sold to pay expenses

Net investment gain (loss)

Net realized and unrealized loss from:

Net realized loss on investment in AVAX sold to pay Sponsor’s Fee

Net realized loss on investment in AVAX sold to pay Sponsor's Staking Fee

Net realized gain on investment in AVAX sold for redemption of Shares

Net change in unrealized appreciation/depreciation on investment in AVAX

Net realized and unrealized loss on investment

Net realized and unrealized loss

Net decrease in net assets resulting from operations

3 unchanged sentences

(Amounts in thousands, except change in Shares outstanding)

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Decrease in net assets from operations:

Net investment loss

Net realized (loss) gain on investment in AVAX sold to pay expenses

Net investment gain (loss)

Net realized loss on investment in AVAX sold to pay Sponsor’s Fee

Net realized loss on investment in AVAX sold to pay Sponsor's Staking Fee

Net realized gain on investment in AVAX sold for redemption of Shares

1 unchanged sentence

Net decrease in net assets resulting from operations

Decrease in net assets from capital share transactions:

Increase in net assets from capital share transactions:

Shares issued

1 unchanged sentence

Net increase in net assets resulting from capital share transactions

Total decrease in net assets from operations and capital share transactions

Total (decrease) increase in net assets from operations and capital share transactions

Beginning of period

51 unchanged sentences

(iv) review and file applicable marketing materials with FINRA and (v) maintain, reproduce and store applicable books and records.

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.

On March 12, 2026, Shares of the Trust began trading on NASDAQ following the effectiveness of the Trust’s registration statement on Form S-1, as amended (File No.

The Trust’s trading symbol on NASDAQ is “GAVA” and the CUSIP number for its Shares is 38963A102.

The Trust may also receive Incidental Rights and/or IR Virtual Currency as a result of the Trust’s investment in AVAX, in accordance with the terms of the Trust Agreement.

6 unchanged sentences

In addition, in the event the Sponsor seeks to change the Trust’s policy with respect to Incidental Rights or IR Virtual Currency, an application would need to be filed with the SEC by NASDAQ seeking approval to amend its listing rules to permit the Trust to distribute the Incidental Rights or IR Virtual Currency in-kind to an agent of the shareholders for resale by such agent.

On March 12, 2026, Shares of the Trust began trading on NASDAQ following the effectiveness of the Trust’s registration statement on Form S-1, as amended (File No.

The Trust’s trading symbol on NASDAQ is “GAVA” and the CUSIP number for its Shares is 38963A102.

Summary of Significant Accounting Policies

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position as of March 31, 2026 and December 31, 2025 and results of operations for the three months ended March 31, 2026 and 2025 have been made.

In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position as of June 30, 2026 and December 31, 2025 and results of operations for the three and six months ended June 30, 2026 and 2025 have been made.

The results of operations for the periods presented are not necessarily indicative of the results of operations expected for the full year.

19 unchanged sentences

To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s net asset value in accordance with U.S.

GAAP (“Principal Market NAV”), the Trust follows ASC Topic 820-10, Fair Value Measurement , which outlines the application of fair value accounting.

GAAP (“Principal Market NAV”), the Trust follows ASC

Topic 820-10, Fair Value Measurement , which outlines the application of fair value accounting.

ASC 820-10 determines fair value to be the price that would be received for AVAX in a current sale, which assumes an orderly transaction between market participants on the measurement date.

28 unchanged sentences

The contract term is the length of each staking epoch.

Staking rewards are recognized as revenue when the Trust satisfies its performance obligations (i.e., successfully validates blocks or transactions as determined by the protocol).

Staking rewards are recognized as revenue when the Trust satisfies its performance obligations (i.e., successfully validates blocks or transactions

as determined by the protocol).

Staking rewards are received in AVAX, which represents non-cash consideration.

18 unchanged sentences

(Amounts in thousands)

March 31, 2026

June 30, 2026

Investment in AVAX

8 unchanged sentences

AVAX is held by the Custodian on behalf of the Trust and is carried at fair value.

As of March 31, 2026 and December 31, 2025 , the Trust held 597,200.87329633 and 575,012.34055965 AVAX, respectively.

The Trust determined the fair value per AVAX to be $ 8.89 and $ 12.33 on March 31, 2026 and December 31, 2025 , respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase).

As of June 30, 2026 and December 31, 2025 , the Trust held 649,890.86614991 and 575,012.34055965 AVAX, respectively.

The Trust determined the fair value per AVAX to be $ 6.57 and $ 12.33 on June 30, 2026 and December 31, 2025 , respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase).

The following represents the changes in quantity of AVAX and the respective fair value:

7 unchanged sentences

Net change in unrealized appreciation/depreciation on investment in AVAX

Net realized gain on investment in AVAX sold to pay expenses

Balance at March 31, 2025

Net realized loss on investment in AVAX sold to pay Sponsor’s Fee

Balance at June 30, 2025

580,494.49866348

12 unchanged sentences

Net change in unrealized appreciation/depreciation on investment in AVAX

Net realized loss on investment in AVAX sold to pay expenses

Net realized loss on investment in AVAX sold to pay Sponsor’s Fee

Net realized loss on investment in AVAX sold to pay Sponsor's Staking Fee

Net realized gain on investment in AVAX sold for redemption of Shares

Balance at March 31, 2026

Balance at June 30, 2026

649,890.86614991

3 unchanged sentences

dollar value of accrued but unpaid fees and expenses of the Trust, by (y) the number of Shares outstanding at such time and multiplying the quotient obtained by 10,000.

Each Share represented approximately 2.4083 and 2.4162 of one AVAX at March 31, 2026 and December 31, 2025, respectively.

Each Share represented approximately 2.4251 and 2.4162 of one AVAX at June 30, 2026 and December 31, 2025, respectively.

As of the date of this Quarterly Report, Authorized Participants may submit orders to create or redeem Shares through transactions that are referred to as “cash orders” or “in-kind orders”, in accordance with the agreements with Authorized Participants.

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Activity in Number of Shares Issued and Redeemed:

2 unchanged sentences

Net Change in Number of Shares Issued and Redeemed

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(Amounts in thousands)

6 unchanged sentences

Generally, ownership of the AVAX is transferred within no more than two business days of the trade date.

As of March 31,

As of June 30,

(Amounts in thousands)

2 unchanged sentences

Generally, ownership of the AVAX is transferred within no more than two business days of the trade date.

As of March 31,

As of June 30,

(Amounts in thousands)

14 unchanged sentences

In that event, the Trust would be subject to entity-level U.S.

federal income tax (currently at the rate of 21 %) on its net taxable income and certain

distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.

federal income tax (currently at the rate of 21 %) on its net taxable income and certain distributions made by the Trust to shareholders would be treated as taxable dividends to the extent of the Trust’s current and accumulated earnings and profits.

In accordance with U.S.

1 unchanged sentence

Tax positions deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit in the current period.

As of, and during the periods ended March 31, 2026 and December 31, 2025, the Trust did no t have a liability for any unrecognized tax amounts.

As of, and during the periods ended June 30, 2026 and December 31, 2025, the Trust did no t have a liability for any unrecognized tax amounts.

However, the Sponsor’s conclusions concerning its determination of “more-likely-than-not” tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, further implementation guidance, and ongoing analyses of and changes to tax laws, regulations and interpretations thereof.

The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions related to federal, state and local income taxes existed as of March 31, 2026 or December 31, 2025 .

Related Parties

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of March 31, 2026 :

The Trust considered the following entities, their directors, and certain employees to be related parties of the Trust as of June 30, 2026 :

DCG, GSO, GSIS, and Grayscale Securities, LLC.

As of March 31, 2026 and December 31, 2025 , 9,183 and 45,992 Shares of the Trust were held by related parties of the Trust, respectively.

As of June 30, 2026 and December 31, 2025 , 5,310 and 45,992 Shares of the Trust were held by related parties of the Trust, respectively.

On March 11, 2026, the Sponsor and the Trustee entered into Amendment No.

9 unchanged sentences

dollar value of AVAX is determined by reference to the Digital Asset Trading Platform Market that the Trust considers its principal market as of 4:00 p.m., New York time, on each valuation date.

The Trust held no Incidental Rights or IR Virtual Currency as of March 31, 2026 and December 31, 2025 .

No Incidental Rights or IR Virtual Currencies have been distributed in payment of the Sponsor’s Fee during the three months ended March 31, 2026 and 2025.

The Trust held no Incidental Rights or IR Virtual Currency as of June 30, 2026 and December 31, 2025 .

No Incidental Rights or IR Virtual Currencies have been distributed in payment of the Sponsor’s Fee during the three and six months ended June 30, 2026 and 2025.

Effective March 12, 2026, and pursuant to the Staking Arrangements, the Custodian and the applicable Staking Provider are entitled to receive a portion of the gross staking rewards generated thereunder, representing the Custodian’s fee and the Staking Provider’s share of such staking rewards (collectively, the “Validator Fees”), with the remaining staking rewards received by the Trust.

9 unchanged sentences

trustee fees;

the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including customary legal, marketing and audit fees and expenses) in an amount up to $ 600,000 in any given fiscal year;

ordinary course legal fees and expenses;

4 unchanged sentences

In such circumstances, the Sponsor or its delegate (i) will instruct the Custodian to withdraw from the Vault Balance AVAX in such quantity as may be necessary to permit payment of such Additional Trust Expenses and (ii) may either (x) cause the Trust (or its delegate) to convert such AVAX into U.S.

dollars or other fiat

currencies at the Actual Exchange Rate or (y) when the Sponsor incurs such expenses on behalf of the Trust, cause the Trust (or its delegate) to deliver such AVAX in kind to the Sponsor, in each case in such quantity as may be necessary to permit payment of such Additional Trust Expenses.

dollars or other fiat currencies at the Actual Exchange Rate or (y) when the Sponsor incurs such expenses on behalf of the Trust, cause the Trust (or its delegate) to deliver such AVAX in kind to the Sponsor, in each case in such quantity as may be necessary to permit payment of such Additional Trust Expenses.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor’s Fee of the Trust in its discretion for stated periods of time.

Effective March 12, 2026, the Sponsor has determined to waive a portion of the Sponsor’s Fee until the earlier of (x) June 12, 2026 and (y) the first date on which the NAV of the Trust exceeds $ 1.0 billion (such period, the “Fee Waiver Period”).

If the Trust’s NAV exceeds $1.0 billion prior to June 12, 2026, the Sponsor’s Fee charged on assets over $1.0 billion will be 0.35%.

After the Fee Waiver Period is over, the Sponsor’s Fee will be 0.35 %.

Prior to the Fee Waiver Period, for the period from January 1, 2026 until March 12, 2026, and the three months ended March 31, 2025, the Trust incurred Sponsor’s Fees of $ 29,914 and $ 12,977 , respectively.

As of March 31, 2026 and December 31, 2025 , there were no accrued and unpaid Sponsor’s Fees.

Effective March 12, 2026, the Sponsor determined to waive a portion of the Sponsor’s Fee until the earlier of (x) June 12, 2026 and (y) the first date on which the NAV of the Trust exceeds $ 1.0 billion (such period, the “Fee Waiver Period”).

Following the expiration date of the three-month waiver period on June 12, 2026 (the “Sponsor’s Fee Waiver Expiration Date”), the Sponsor’s Fee is 0.35 %.

For the period from the Sponsor’s Fee Waiver Expiration Date through June 30, 2026 and the three months ended June 30, 2025, the Trust incurred Sponsor’s Fees of $ 724 and $ 43,995 , respectively.

For the six months ended June 30, 2026 and 2025 the Trust incurred Sponsor’s Fees of $ 30,638 and $ 56,972 , respectively.

As of June 30, 2026 and December 31, 2025 , there were no accrued and unpaid Sponsor’s Fees.

In addition, the Sponsor may pay Additional Trust Expenses on behalf of the Trust, which are reimbursable by the Trust to the Sponsor.

For the three months ended March 31, 2026 and 2025 , the Sponsor did no t pay any Additional Trust Expenses on behalf of the Trust.

For the three months ended March 31, 2026 , the Trust incurred Sponsor’s Staking Fees of $ 2,029 .

For the three and six months ended June 30, 2026 and 2025 , the Sponsor did no t pay any Additional Trust Expenses on behalf of the Trust.

For the three months ended June 30, 2026, the Trust incurred Sponsor’s Staking Fees of $ 9,630 .

For the six months ended June 30, 2026, the Trust incurred Sponsor’s Staking Fees of $ 11,659 .

Concentration Risk

3 unchanged sentences

Financial Highlights Per Share Performance

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Per Share Data:

1 unchanged sentence

Net decrease in net assets from investment operations:

Net investment loss

Net investment gain (loss)

Net realized and unrealized loss

2 unchanged sentences

Ratios to average net assets:

Net investment loss

Net investment gain (loss)

Sponsor's Fee

13 unchanged sentences

Subsequent Events

As previously disclosed, on October 22, 2025, GSOIH consummated an internal corporate reorganization (the “Management Reorganization”).

As a result of the Management Reorganization as of October 22, 2025, (i) Grayscale Investments, Inc.

(“Grayscale Investments”) is the sole managing member of GSO, the sole member of the Sponsor and (ii) the Board of Directors of Grayscale Investments became responsible for managing and directing the affairs of the Sponsor, and consists of Barry Silbert, Mark Shifke, Simon Koster, Peter Mintzberg and Edward McGee.

On May 4, 2026, a Board of Managers of Grayscale Investments Sponsors, LLC was created to manage and direct the affairs of the Sponsor, under authority delegated by the board of Grayscale Investments.

While the board of Grayscale Investments retains overall oversight of Grayscale Investments and its subsidiaries as a whole, including the Sponsor, the Board of Managers of the Sponsor consists of Peter Mintzberg, Edward McGee, and Craig Salm.

Mintzberg, Mr.

McGee, and Mr.

Salm are granted authority to manage the day-to-day affairs of the Sponsor under the amended and restated limited liability company agreement of the Sponsor.

The Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure in the financial statements other than the item noted above.

On August 6, 2026, the Sponsor and the Trustee entered into Amendment No.

2 (the “Amendment”) to the Second Amended and Restated Declaration of Trust and Trust Agreement (the “Second A&R Trust Agreement”), which further amends the Trust’s Second Amended and Restated Declaration of Trust and Trust Agreement.

The Amendment provides, among other things, for the Trust to make mandatory cash distributions to shareholders of the net proceeds from staking rewards, by requiring the Trust to convert staking rewards held by the Trust to cash no less often than quarterly and promptly distribute the net proceeds to shareholders, after deducting applicable fees and Trust expenses, and includes related conforming amendments to facilitate the Trust’s staking program and distribution framework.

The Trust currently intends to make such distributions on a monthly, but no less than quarterly, basis.

The amount of future distributions will depend on the staking rewards earned by the Trust and applicable deductions and therefore cannot be predicted with certainty.

Shareholders are advised to discuss any tax consequences relating to their investment in the Trust as a result of the Amendment to the Second A&R Trust Agreement with their tax advisors.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements