Grayscale, a leading digital asset management company, is looking to introduce an Exchange-Traded Fund (ETF) for Avalanche (AVAX) in the United States.
The Nasdaq Stock Market recently submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale Avalanche Trust, which will be closely tied to the price of AVAX, the native asset of the layer-1 project.
This move by Grayscale follows a similar initiative by VanEck, which also filed for an ETF linked to Avalanche earlier this month, as revealed in documents filed in Delaware.
If approved, Coinbase Custody will act as the custodian for Grayscale’s Avalanche ETF. Additionally, Grayscale plans to introduce funds tied to other cryptocurrencies like Cardano (ADA), Solana (SOL), XRP, and Hedera (HBAR).
The SEC previously approved Bitcoin ETFs in January 2024, attracting significant investment into the leading cryptocurrency. Ethereum ETFs were also given the green light for trading in July of the same year.
Franklin Templeton and Hashdex jointly launched BTC-ETH ETFs earlier this year, showcasing the growing interest in cryptocurrency investment products.
At the time of writing, AVAX is trading at $20.36, experiencing a nearly 8% decrease in the past 24 hours. Despite this, the 17th-ranked cryptocurrency by market cap continues to attract attention from investors.
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