Digital asset administration large Grayscale hopes to launch an Avalanche (AVAX) exchange-traded fund (ETF) within the US.
The Nasdaq Inventory Market submitted a proposal this week to the U.S. Securities and Alternate Fee (SEC) to checklist and commerce shares of Grayscale Avalanche Belief, which might be solely tied to the worth of the layer-1 challenge’s native asset, AVAX.
Grayscale isn’t the primary monetary large to file for an Avalanche ETF. Paperwork submitted to the state of Delaware earlier this month recommend VanEck additionally hopes to launch a fund tied to the Ethereum (ETH) rival.
Coinbase Custody will function the custodian for Grayscale’s Avalanche ETF if it’s authorized. The crypto asset supervisor additionally hopes to launch funds tied to Cardano (ADA), Solana (SOL), XRP and Hedera (HBAR).
The SEC greenlit the primary spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of {dollars} value of inflows to the highest digital asset by market cap. The regulator subsequently authorized Ethereum ETFs for buying and selling final July.
Two monetary companies, Franklin Templeton and Hashdex, additionally launched joint BTC-ETH ETFs earlier this 12 months.
AVAX is buying and selling at $20.36 at time of writing. The Seventeenth-ranked crypto asset by market cap is down practically 8% prior to now 24 hours.
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