Grayscale Joins VanEck in Filing for Avalanche ETF with SEC
Grayscale Investments and VanEck have filed for a spot Avalanche ETF with the U.S. SEC, aiming to provide exposure to AVAX without direct asset ownership.
Key Points
- The ETF is designed to track the value of AVAX, the native cryptocurrency of the Avalanche blockchain.
- The filing was made through Nasdaq as part of the regulatory approval process.
- Grayscale's existing private Avalanche Trust, managing approximately $1.7 million, will be converted into a publicly traded fund.
- This move reflects increasing institutional interest in alternative blockchain networks beyond Bitcoin and Ethereum.
- Coinbase Custody Trust Company will manage custody, BNY Mellon will act as the administrator, and CoinDesk Indices will provide the benchmark index.
- AVAX price has dropped over 8% following the ETF filing, trading at $20.09; it has lost over 10% in 30 days.
- The SEC has shown increased openness to digital asset ETFs under its current leadership.