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

VanEck, a global investment management giant, has recently filed for a new Avalanche (AVAX) exchange-traded fund (ETF) in the United States. This move comes after the company already offers ETFs for Ethereum (ETH) and Bitcoin (BTC), with a Solana (SOL) ETF also in the pipeline awaiting approval.

The documents submitted to the state of Delaware indicate VanEck’s interest in launching an ETF tied to the price of AVAX, a layer-1 rival to Ethereum. Matthew Sigel, the head of digital assets research at VanEck, previously mentioned that the SOL ETF filing was a strategic move based on the potential outcome of the US presidential election.

In addition to the AVAX ETF, VanEck has also applied to launch an “Onchain Economy ETF,” which will focus on digital asset instruments like futures contracts and companies involved in digital transformation.

As of the time of writing, AVAX is trading at $17.81, showing a 6.5% increase in the past 24 hours but a decline of over 11% in the last week. The approval of spot market Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January 2024 led to significant inflows of capital into the crypto market, and the SEC later approved Ethereum ETFs for trading in July of the same year.

VanEck’s move to introduce an AVAX ETF reflects the growing interest in alternative cryptocurrencies and the expanding range of investment options in the digital asset space. With the increasing acceptance of crypto ETFs by regulators, investors have more opportunities to diversify their portfolios and capitalize on the potential growth of various blockchain projects.

For the latest updates on VanEck’s ETF offerings and other crypto news, subscribe to receive email alerts directly to your inbox. Stay informed about price movements and market trends by following us on Twitter, Facebook, and Telegram. Don’t miss out on the latest developments in the crypto space with The Daily Hodl Mix.

(Image credit: Midjourney)