# Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Grayscale Avalanche Trust (AVAX) Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
On March 27, 2025, The Nasdaq Stock Market LLC (“Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [^1] and Rule 19b-4 thereunder, [^2] a proposed rule change to list and trade shares of the Grayscale Avalanche Trust (AVAX) under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares). The proposed rule change was published for comment in the *Federal Register* on April 16, 2025. [^3]
[^1] 15 U.S.C. 78s(b)(1).
[^2] 17 CFR 240.19b-4.
[^3]*See* Securities Exchange Act Release No. 102812 (Apr. 10, 2025), 90 FR 16022. Comments received on the proposed rule change are available at: *https://www.sec.gov/comments/sr-nasdaq-2025-030/srnasdaq2025030.htm.*
On May 28, 2025, pursuant to Section 19(b)(2) of the Act, [^4] the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change. [^5] On July 10, 2025, the Commission initiated proceedings under Section 19(b)(2)(B) of the Act [^6] to determine whether to approve or disapprove the proposed rule change. [^7]
[^4] 15 U.S.C. 78s(b)(2).
[^5]*See* Securities Exchange Act Release No. 103141, 90 FR 23573 (June 3, 2025). The Commission designated July 15, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
[^6] 15 U.S.C. 78s(b)(2)(B).
[^7]*See* Securities Exchange Act Release No. 103432, 90 FR 31732 (July 15, 2025).
Section 19(b)(2) of the Act [^8] provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for comment in the *Federal Register* on April 16, 2025. [^9] The 180th day after publication of the proposed rule change is October 13, 2025. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days.
[^8] 15 U.S.C. 78s(b)(2).
[^9]*See supra* note 3 and accompanying text.
The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, [^10] designates December 12, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-NASDAQ-2025-030).
[^10] 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. [^11]
[^11] 17 CFR 200.30-3(a)(57).
Sherry R. Haywood,
Assistant Secretary.