Digital asset management giant Grayscale hopes to launch an Avalanche (AVAX) exchange-traded fund (ETF) in the US.
The Nasdaq Stock Market submitted a proposal this week to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale Avalanche Trust, which would be entirely tied to the price of the layer-1 project’s native asset, AVAX.
Grayscale isn’t the first financial giant to file for an Avalanche ETF. Documents submitted to the state of Delaware earlier this month suggest VanEck also hopes to launch a fund tied to the Ethereum (ETH) rival.
Coinbase Custody will serve as the custodian for Grayscale’s Avalanche ETF if it’s approved. The crypto asset manager also hopes to launch funds tied to Cardano (ADA), Solana (SOL), XRP and Hedera (HBAR).
The SEC greenlit the first spot market Bitcoin (BTC) 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.
Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.
AVAX is trading at $20.36 at time of writing. The 17th-ranked crypto asset by market cap is down nearly 8% in the past 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
