The renowned global investment management firm VanEck has officially filed for a new Avalanche (AVAX) exchange-traded fund (ETF) in the United States.
Recent documents submitted to the state of Delaware strongly suggest the potential launch of this new ETF, likely linked to the value of the Ethereum (ETH) competitor on layer-1.
VanEck currently offers ETFs for both Ethereum (ETH) and Bitcoin (BTC) and has also sought approval for a Solana (SOL) exchange-traded fund, a move initially speculated to be tied to the outcome of the 2020 presidential election. The firm’s head of digital assets research, Matthew Sigel, had indicated that the SOL filing was a strategic decision based on the possibility of Donald Trump winning the presidency.
In addition to these ventures, VanEck has applied to launch an “Onchain Economy ETF,” which will focus on digital asset instruments like futures contracts and companies involved in digital transformation, rather than directly investing in digital assets themselves.
At the time of writing, AVAX is trading at $17.81. This cryptocurrency, ranked 20th by market capitalization, has seen a 6.5% increase in value over the past 24 hours but a decline of over 11% in the last seven days.
In January 2024, the U.S. Securities and Exchange Commission (SEC) approved the first spot market Bitcoin ETFs, leading to significant inflows of capital into the leading cryptocurrency. Subsequently, Ethereum ETFs were granted approval for trading in July of the same year.
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