Nasdaq Files to List VanEck Avalanche (AVAX) Trust ETF

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

Nasdaq has applied to list the ‘VanEck Avalanche Trust’ ETF, offering investors indirect exposure to the AVAX token without the need for self-custody. The instrument will track the token’s market price, with a third-party custodian holding the underlying AVAX. This new offering, to be traded under Nasdaq’s Rule 5711(d), follows VanEck’s previous launch of crypto ETFs tied to Bitcoin, Ethereum, and Solana.

The filing comes as Avalanche, known for its scalability, speed, and flexibility, becomes a go-to network for DeFi projects, NFTs, and Web3 applications.

VanEck’s initiative is part of a broader move by institutional players to introduce altcoin ETFs. Grayscale Investments is also pursuing an Avalanche ETF, based on a closed-end AVAX fund launched in August 2024. Nasdaq had previously filed to list Grayscale’s competing product in late March. Grayscale has also shown interest in other altcoins, including XRP, HBAR, DOT, and LTC.

These filings mark a turning point in the maturation of the crypto market, moving beyond its historical focus on Bitcoin and Ethereum as the sole candidates for regulated financial instruments. Although AVAX is currently trading at $18, down from its January high of $41, enthusiasm around Avalanche remains strong, driven by its solid infrastructure and long-term growth potential.input: At least one U.S. exchange has filed to begin offering an exchange-traded fund (ETF) that would offer investors indirect exposure to the Avalanche (CRYPTO: AVAX) token.

Nasdaq has applied to the Securities and Exchange Commission (SEC) to list the ‘VanEck Avalanche Trust’. The ETF is being offered by VanEck, a well-known institutional asset manager, and would allow investors to gain exposure to the cryptocurrency without having to self-custody digital assets. The new financial instrument will track the token’s market price, with a third-party custodian holding the underlying AVAX.

This filing follows VanEck’s previous launch of crypto ETFs tied to Bitcoin, Ethereum, and more recently Solana, showcasing the gradual integration of digital assets into traditional financial markets.

The inclusion of AVAX in a formal SEC filing is a significant step, considering that the regulator shot down several spot Bitcoin ETF proposals in the past. However, with the growing institutional interest in crypto and the increasing adoption of blockchain technology, the SEC chairman has expressed a positive stance toward such products this year.

The applicants are seeking to list the AVAX ETF on Nasdaq’s main market, governed by Rule 5711(d), which covers commodity-based trusts. The primary units of the trust will be sold through a prospectus to institutions and registered dealers at net asset value (NAV) plus any applicable offering.

Avalanche, known for its unique three-chain architecture (X-Chain, C-Chain, and P-Chain), offers programmability, scalability, and speed, making it a go-to network for DeFi projects, NFTs, and Web3 applications.

VanEck’s initiative is part of a broader move by institutional players to introduce altcoin ETFs. Grayscale Investments is also pursuing an Avalanche ETF, based on a closed-end AVAX fund launched in August. Nasdaq had previously filed to list Grayscale’s competing product in late March.

Grayscale has also shown interest in other altcoins, including XRP, HBAR, DOT, and LTC, according to multiple reports. These filings mark a turning point in the maturation of the crypto market, which has historically seen Bitcoin and Ethereum as the main candidates for regulated financial instruments.

While AVAX is currently trading at $18, down from its January high of $41, enthusiasm around Avalanche remains strong due to its solid infrastructure and long-term growth potential.output: Nasdaq has filed with the Securities and Exchange Commission (SEC) to begin offering an exchange-traded fund (ETF) that would offer investors indirect exposure to the Avalanche (CRYPTO: AVAX) token.

The ETF, ‘VanEck Avalanche Trust’, is being offered by VanEck, a well-known institutional asset manager, and would allow investors to gain exposure to the cryptocurrency without having to self-custody digital assets. The new financial instrument will track the token’s market price, with a third-party custodian holding the underlying AVAX.

This filing follows VanEck’s previous launch of crypto ETFs tied to Bitcoin, Ethereum, and more recently Solana, showcasing the gradual integration of digital assets into traditional financial markets.

The inclusion of AVAX in a formal SEC filing is a significant step, considering that the regulator shot down several spot Bitcoin ETF proposals in the past. However, with the growing institutional interest in crypto and the increasing adoption of blockchain technology, the SEC chairman has expressed a positive stance toward such products this year.

The applicants are seeking to list the AVAX ETF on Nasdaq’s main market, governed by Rule

News data source: kdj.com

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