| Summary of Fair Value Hierarchy |
The following is
a summary of the fair value hierarchy as of September 30, 2026 and December 31, 2025:
| September 30, 2026 | |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Investment
in AVAX | |
$ | 22,064,999 | | |
$ | — | | |
$ | — | | |
$ | 22,064,999 | |
| | |
| | | |
| | | |
| | | |
| | |
| December 31, 2025 | |
Level 1 | |
Level 2 | |
Level 3 | |
Total |
| Assets | |
| | | |
| | | |
| | | |
| | |
| Investment in
AVAX | |
$ | 2,517,563 | | |
$ | — | | |
$ | — | | |
$ | 2,517,563 | |
|
| Schedule of Changes in Quantity of AVAX and Fair Value |
The following represents
the changes in quantity of AVAX and the respective fair value:
| |
|
AVAX |
|
Fair Value |
| Beginning balance as of January 1, 2026 |
|
206,019.90 |
|
$ |
2,517,563 |
| AVAX purchased |
|
559,830.28 |
|
|
5,598,904 |
| AVAX purchased in-kind |
|
1,242,626.55 |
|
|
11,104,040 |
| AVAX sold |
|
(22,875.05) |
|
|
(161,770) |
| AVAX sold in-kind |
|
— |
|
|
— |
| Net change in unrealized appreciation (depreciation) from investment in AVAX |
|
— |
|
|
3,063,339 |
| Net realized gain (loss) on investment in AVAX |
|
— |
|
|
(57,077) |
| Ending balance as of September 30, 2026 |
|
1,985,601.68 |
|
$ |
22,064,999 |
| |
|
AVAX |
|
Fair Value |
| Beginning balance as of November 20, 2025(a) |
|
— |
|
$ |
— |
| AVAX purchased |
|
206,019.90 |
|
|
2,500,000 |
| AVAX sold |
|
— |
|
|
— |
| Net change in unrealized appreciation (depreciation) from investment in AVAX |
|
— |
|
|
17,563 |
| Net realized gain (loss) on investment in AVAX |
|
— |
|
|
— |
| Ending balance as of December 31, 2025 |
|
206,019.90 |
|
$ |
2,517,563 |
| (a) | The Trust did not hold any AVAX as of November 20, 2025 (Date of Seeding). |
|