- Nasdaq has filed to list VanEck’s proposed Avalanche (AVAX) ETF, offering indirect exposure to the altcoin.
- VanEck expands its crypto ETF lineup with a new filing for an Avalanche Trust, following earlier BTC, ETH, and SOL applications.
- The race for AVAX-backed ETFs intensifies as both VanEck and Grayscale seek SEC approval amid growing institutional interest.
The VanEck Avalanche Trust has filed with the U.S. Securities and Exchange Commission (SEC) to have the shares listed and traded on Nasdaq through the VanEck Avalanche Trust, which will seek indirect exposure to the Avalanche (AVAX) token.
VanEck Seeks to Expand Crypto ETF Offerings
The filing was signed by Nasdaq Executive Vice President and Chief Legal Officer John Zecca, and according to it, the ETF would not be listed under Nasdaq’s Rule 5711(d), which pertains to commodity-based trust shares. The VanEck Avalanche ETF would give investors price exposure to AVAX without needing to purchase or store the digital asset if it is approved.
The AVAX tokens would be held by a third-party custodian that would act as trustee for the trust that would be sponsored by VanEck Digital Assets. By having the ETF structure, traditional investors will have an easier way to participate in the Avalanche ecosystem as they won’t need digital wallets or access to cryptocurrency exchanges.
Avalanche ETF Joins VanEck’s Growing Portfolio
On March 10, the firm registered the Avalanche investment product as Delaware’s trust corporate service company. Finally, the Avalanche ETF is VanEck’s fourth crypto-focused ETF application, joining filings to offer the products to back Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
On March 14, VanEck became the first issuer to file for a spot Solana ETF, and a public announcement of the Avalanche ETF was made via social media in 2024.
Competition Builds as Grayscale Eyes AVAX ETF
Avalanche is also attracting the attention of other market players, such as VanEck. According to Grayscale Investments, it is also pursuing an AVAX backed ETF. On March 28, Grayscale filed to list their proposed Avalanche ETF based on the close-ended AVAX fund it launched last August, which will convert to launch in August 2024.
In 2025, AVAX saw growing institutional interest but experienced price pressure due to a more general market downturn. At the time of writing, the token was being priced at $18, down 56 percent from its January high of $41.
