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Nasdaq Pushes Ahead With VanEck Avalanche ETF Listing Amid Market Drop
In a bold move, Nasdaq has filed a request with the U.S. Securities and Exchange Commission (SEC) to list the VanEck Avalanche ETF. This development comes as the AVAX token experiences a significant price drop of over 56% in just over three months.
According to reports, the filing falls under Rule 5711(d), covering commodity-based trust shares that hold real assets. The ETF will be backed by AVAX tokens held in custody, with VanEck Digital Assets serving as the sponsor and handling fund operations.
The proposed ETF would provide investors with indirect access to the AVAX token without requiring digital wallets or trading accounts. Instead, the asset can be accessed through traditional brokerage channels, eliminating the need for direct exposure to the crypto market.
Interestingly, this move marks VanEck’s fourth crypto ETF application, following previous proposals for Bitcoin, Ethereum, and Solana. The Avalanche ETF will utilize a spot-based structure, mirroring the company’s previous approaches to digital asset products.
Despite the recent decline in AVAX price, institutional demand for exposure to the token remains strong. This is further evidenced by Grayscale’s pending filing to convert its existing closed-end AVAX fund into a spot ETF.
The combined efforts of both VanEck and Grayscale highlight the ongoing commitment of mainstream financial institutions to provide regulated exposure to cryptocurrency markets.
Source: https://coinchapter.com/nasdaq-pushes-ahead-with-vaneck-avalanche-etf-listing-amid-market-drop/?utm_source=rss&utm_medium=rss&utm_campaign=nasdaq-pushes-ahead-with-vaneck-avalanche-etf-listing-amid-market-drop
