Asset Management Giant VanEck Files for Avalanche (AVAX) ETF in Delaware

The worldwide funding administration large VanEck has filed for a brand new Avalanche (AVAX) exchange-traded fund (ETF) within the US.

Paperwork submitted to the state of Delaware this week trace on the new attainable ETF, which presumably could be tied to the worth of the Ethereum (ETH) layer-1 rival.

VanEck at the moment affords ETH and Bitcoin (BTC) ETFs and has filed for a Solana (SOL) exchange-traded fund, which has but to be permitted. Matthew Sigel, the agency’s head of digital belongings analysis, mentioned final summer time that the SOL submitting was a wager on Donald Trump profitable the presidency.

The funding large has additionally utilized to launch an “Onchain Financial system ETF,” which won’t put money into digital belongings themselves however as an alternative will give attention to digital asset devices, reminiscent of futures contracts and digital transformation corporations.

AVAX is buying and selling at $17.81 at time of writing. The Twentieth-ranked crypto asset by market cap is up greater than 6.5% prior to now 24 hours however down greater than 11% prior to now seven days.

The U.S. Securities and Trade Fee (SEC) greenlit the primary spot market Bitcoin ETFs in January 2024, bringing in billions of {dollars} value of inflows to the highest digital asset by market cap. The regulator subsequently permitted Ethereum ETFs for buying and selling final July.

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