The global investment management giant VanEck has filed for a new Avalanche (AVAX) exchange-traded fund (ETF) in the US.
Documents submitted to the state of Delaware this week hint at the new possible ETF, which presumably would be tied to the price of the Ethereum (ETH) layer-1 rival.
VanEck currently offers ETH and Bitcoin (BTC) ETFs and has filed for a Solana (SOL) exchange-traded fund, which has yet to be approved. Matthew Sigel, the firm’s head of digital assets research, said last summer that the SOL filing was a bet on Donald Trump winning the presidency.
The investment giant has also applied to launch an “Onchain Economy ETF,” which will not invest in digital assets themselves but instead will focus on digital asset instruments, such as futures contracts and digital transformation companies.
AVAX is trading at $17.81 at time of writing. The 20th-ranked crypto asset by market cap is up more than 6.5% in the past 24 hours but down more than 11% in the past seven days.
The U.S. Securities and Exchange Commission (SEC) greenlit the first spot market Bitcoin ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum ETFs for trading last July.
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