AVAX Jumps as Much as 10% After NYSE Picks Avalanche to Settle Tokenized Stock Trades

What the NYSE actually decided

The NYSE first announced its tokenized trading platform in January. In September, Ava Labs said the exchange had spent about a year testing Avalanche, but the choice of blockchain was not confirmed until Monday, Cointelegraph reported.

The role Avalanche plays is narrow. According to Ava Labs, as reported by Cointelegraph, the NYSE will use Avalanche to keep track of stock trades and complete transactions on the planned platform. The digital versions of the stocks themselves can live on different blockchains. Avalanche is the settlement ledger: the record that says who owns what after a trade.

Dennis Lee, head of digital issuance at the NYSE, explained the choice in the announcement quoted by Cointelegraph. "The upcoming digital trading platform will support equities listed on a range of blockchains, though the ledger that records and settles trades needs to be fast and reliable, let us control who can take part, keep costs predictable, and have a large community of developers behind it. Avalanche meets all those needs," he said.

"Let us control who can take part" is the key phrase for anyone treating this as a retail-flow story. The settlement ledger is permissioned. The NYSE decides which participants can touch it. That points to institutional settlement, not an open DeFi venue where any wallet can buy NYSE-listed shares.

John Nahas, chief business officer at Ava Labs, told Cointelegraph that the first conversations with the NYSE team began nearly a year ago.

The numbers behind the move

The three venue quotes agree within $0.006, so the move was market-wide and not a single-exchange print. On Binance, the gap between the 24-hour high of $9.014 and the 03:05 SGT price of $8.584 is 4.8% (our arithmetic). Traders who bought near the high were underwater a few hours later.

The 24-hour change on the exchanges is smaller than Cointelegraph's "up over 8%" because the windows differ. Cointelegraph measured from the start of the UTC day. The exchange tickers measure a rolling 24 hours that by 03:05 SGT included more of Sunday's trading. Binance's 24-hour range ran from $7.773 to $9.014, a 16% spread between low and high (our arithmetic).

Why the funding rate matters more than the headline

When a coin jumps on news, the first thing to check is who is paying for leverage. A perpetual funding rate well above the default means longs are paying shorts to stay in, often a sign that late buyers are using borrowed money. At 03:05 SGT, AVAX funding sat at 0.0100% per 8 hours on both Bitget and OKX, the standard rate those venues charge when the contract trades close to spot. OKX's own data showed a slightly negative premium, so the perpetual was trading a hair below the index.

In plain terms: spot buyers led this move and the futures market did not chase it. Our funding rates board tracks the same numbers across venues if you want to watch whether that changes.

How this fits the wider tokenization race

The NYSE is not alone. Cointelegraph listed the other projects competing for the same flow:

• Nasdaq and Kraken. In September Nasdaq announced plans to invest $100 million in Payward, Kraken's parent company, to launch tokenized stocks. That launch is expected in the second quarter of 2027.
• DTCC. The Depository Trust & Clearing Corporation, which settles most US securities trades, launched a service in October that lets financial firms turn traditional securities into digital tokens.
• Other Avalanche deals. In July, Japanese fintech Progmat moved more than 452 billion yen of digital securities onto a dedicated Avalanche chain. In September, Aave Labs announced plans for a lending service on Avalanche that would let financial firms borrow Tether's USAT stablecoin against tokenized assets.

We compared the DTCC and NYSE filings in an earlier piece on what each tokenized-asset plan gives holders. The short version: neither plan, as filed, puts NYSE shares into a retail crypto wallet.

There is a second AVAX headline on the same day. PANews, citing an official press release, reported that Charles Schwab added SOL, AVAX and LINK trading to its Schwab Crypto platform, bringing the list to five assets with a 0.75% fee on each trade. That is access for US brokerage clients. It is not part of the NYSE settlement deal.

What the 0.75% fee means next to an exchange fee

The Schwab figure gives a useful benchmark for anyone deciding where to buy AVAX. On a $1,000 purchase, a 0.75% fee is $7.50 (our arithmetic). Our partner registry lists a 0.10% spot taker fee for Bitget, OKX and Binance, which is $1.00 on the same trade.

If you trade AVAX on Bitget with code nexu888, the registry's 60% share returns $0.60 of that $1.00 fee, settled daily, so the fee you keep paying is $0.40. On OKX, code nexu888 returns 20% of the fee, $0.20 on the same trade, settled hourly. The rebate is a share of the fee you pay, not of the amount you buy. You can compare both venues' full fee schedules on the Bitget profile and the OKX profile.

The two products are different. A brokerage account keeps crypto inside a brokerage relationship, while an exchange account lets you withdraw coins to your own wallet. Which matters more depends on what you want to do with the AVAX.

What to check if you hold or trade AVAX

Spot holders. The news is about settlement infrastructure for a platform that does not exist yet. The NYSE has not said how much volume it expects or whether settlement will generate fees paid in AVAX. Cointelegraph's report does not say either. Treat the price move as a reaction to the selection, not to measured new demand.

Perpetual traders. Funding is neutral now. If it climbs well above 0.01% per 8 hours, longs are paying up and the trade is getting crowded. The funding rates board shows the current rate by venue.

Anyone sending AVAX to an exchange. Exchanges can list more than one network for the same coin. Open the deposit page, note the network it names, and choose that same network on the withdrawal side before you confirm.

Readers interested in tokenized stocks. You can read our tokenized stocks hub for the products that already trade today. The NYSE platform will not be one of them until regulators approve it.

What we could not confirm

• The full NYSE announcement text. We read Lee's quotes as reported by Cointelegraph.
• Whether settlement on Avalanche will use AVAX for fees or a permissioned Avalanche chain with its own gas token. Ava Labs' statements, as reported, do not say.
• The Schwab press release itself. Its details here come from PANews' summary.
• Which regulator must approve the NYSE platform, and on what timetable. The "before the end of 2026" estimate is the Wall Street Journal's, cited by Cointelegraph.

Quick answers

Why did AVAX go up today?

The NYSE confirmed on November 9 that it will use the Avalanche blockchain to record and settle trades on its planned tokenized stock platform. AVAX rose as much as 10% on the news, according to Cointelegraph.

Can I buy NYSE stocks on Avalanche now?

No. The platform still needs regulatory approval. The Wall Street Journal, cited by Cointelegraph, reported it could launch before the end of 2026.

Is the AVAX rally driven by leverage?

Not at 03:05 SGT on November 10. Funding on AVAX perpetuals was at the default 0.01% per 8 hours on Bitget and OKX, which suggests spot buyers led the move.

What does it cost to buy AVAX?

PANews reported a 0.75% fee per trade on Schwab Crypto. Our partner registry lists 0.10% spot taker fees on Bitget, OKX and Binance, before any rebate.