Grayscale files for Avalanche ETF with Nasdaq
Nasdaq has filed a 19b-4 kind with the U.S. Securities and Trade Fee to listing and commerce shares of Grayscale’s proposed spot Avalanche exchange-traded fund.
If permitted, the ETF would maintain AVAX (AVAX) immediately, providing traders publicity to the Avalanche community’s native token by way of conventional brokerage accounts.
Grayscale’s transfer comes every week after VanEck submitted an S-1 registration assertion to launch a competing Avalanche ETF.
The filing signifies rising institutional curiosity in regulated altcoin funding autos, although the SEC has but to approve any spot crypto ETFs past Bitcoin (BTC) and Ethereum (ETH).
The proposed ETF would convert Grayscale’s current Avalanche Belief, initially launched in August 2024 as a personal placement, right into a spot ETF. In accordance with the submitting, Coinbase Custody will function the fund’s custodian, whereas BNY Mellon is anticipated to behave because the administrator and switch agent.
Avalanche is a Layer 1 blockchain identified for prime throughput and scalability. Its native token AVAX is used for transactions, staking, and governance.
The token has declined over 7% prior to now 24 hours amid broader market downturns, buying and selling round $20.20.
Grayscale’s submitting follows its current push for a Cardano (ADA) ETF, signaling a broader effort to deliver extra altcoins into the regulated ETF market.
The SEC’s choice on these filings might set a precedent for the subsequent technology of crypto ETFs past Bitcoin and Ethereum.
