Grayscale Submits Filing for Spot Avalanche ETF on Nasdaq
Nasdaq has filed a 19b-4 with the SEC to list a spot Avalanche exchange-traded fund (ETF) managed by Grayscale.
- Grayscale manages an existing Avalanche Trust with a 2.5% management fee.
- The ETF aims to provide a more affordable and flexible investment option for the AVAX token.
- The SEC has not approved any spot altcoin ETFs besides those linked to ether (ETH).
- If approved, the ETF would allow traditional investors to access crypto assets via standard brokerage accounts.
- Coinbase Custody will act as the custodian for the ETF.
- The ETF will hold AVAX directly, tracking its market price.
- AVAX is currently trading at $20.5, down 6.6% in the last 24 hours, amid a broader market decline.
- VanEck has also filed for an Avalanche ETF this month.
- Last month, Grayscale filed for a standalone Cardano ETF, marking its first ADA investment vehicle.