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VanEck Seeks SEC Approval for First-Ever AVAX ETF
In a recent announcement, it has been revealed that VanEck is seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch the “VanEck Avalanche ETF.” The registration for this ETF was filed in Delaware. If approved by the SEC, this would be a groundbreaking move, as it would be the first-ever ETF tied to AVAX.
According to the filing, the trust’s investment objective is to track the performance of the price of ‘AVAX,’ the native token of the Avalanche network, less the expenses of the Trust’s operations. This significant development could mark a major milestone in the crypto space and has sparked great interest in the industry.
It is worth noting that several other firms are also seeking SEC approval for various cryptocurrency ETFs, such as those tracking SOL (Solana), XRP (Ripple), DOGE (Dogecoin), and LTC (Litecoin). This push comes after a significant shift in the regulatory landscape following the SEC’s approval of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024.
