Avalanche ETF: VanEck Seeks US Approval
- VanEck could potentially be the very first to launch an Avalanche ETF, if it gets the green light.
- Interestingly, the value of Avalanche’s token, AVAX, has decreased by almost 52% so far this year.
- We’ve recently seen a surge in applications for various altcoin ETFs.
Despite recent dips in market prices, investment firm VanEck is making a bold move by registering for an Avalanche exchange-traded fund (ETF) in the US.
According to records on Delaware’s Department of State website, the filing for the “VanEck Avalanche ETF” by the New York-based company was officially submitted in Delaware on March 10th.
This registration from VanEck hints at their next step: submitting an S-1 form to the US Securities and Exchange Commission (SEC) for a formal spot AVAX ETF. This news arrives as the market value of Avalanche’s AVAX token is currently experiencing a downturn.
Data from CoinMarketCap reveals that AVAX has fallen nearly 52% in value since the start of the year. Looking at more recent performance, it’s dropped approximately 10% in the last 24 hours and is currently trading around $17.15. It’s worth noting that this is a slight recovery from earlier in the day when it touched just over $15.
ETF applications
Should they receive approval, VanEck could be among the pioneers in launching an AVAX ETF. This move follows their previous application for a Solana ETF last June. It would also place them in the company of Bitcoin and Ethereum ETFs, which were the first to gain SEC approval in January and July respectively.
VanEck is just one player in a broader trend of issuers seeking to launch various altcoin ETFs recently. Just last month, the Chicago Board Options Exchange (Cboe) submitted four separate filings on behalf of different issuers, all aiming to introduce spot XRP ETFs.
Going back to January, Nasdaq filed a 19b-4 form for a Canary Litecoin ETF. This was followed by another Nasdaq filing for a Hedera ETF towards the end of February. And earlier this month, NYSE Arca joined the fray, filing a 19b-4 form to list the Bitwise Dogecoin ETF.
