Nasdaq Files To Launch a New Grayscale Avalanche (AVAX) Exchange-Traded Fund
Grayscale, a prominent digital asset management company, is looking to introduce an exchange-traded fund (ETF) tied to Avalanche (AVAX) in the United States. The Nasdaq Stock Market recently submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale Avalanche Trust, which would be linked to the price of AVAX.
This move by Grayscale follows in the footsteps of other financial giants, with VanEck also seeking to launch an ETF connected to the Ethereum competitor. If approved, Coinbase Custody will act as the custodian for Grayscale’s Avalanche ETF. Additionally, Grayscale has plans to launch funds tied to other cryptocurrencies such as Cardano (ADA), Solana (SOL), XRP, and Hedera (HBAR).
The SEC has previously approved Bitcoin (BTC) ETFs, which have attracted significant inflows into the leading digital asset. Ethereum ETFs were also given the green light for trading last year. Franklin Templeton and Hashdex have further collaborated to introduce joint BTC-ETH ETFs earlier in 2022.
As of the latest update, AVAX is trading at $20.36, showing a nearly 8% decrease in the past 24 hours. It currently holds the 17th position in terms of market capitalization.
For more updates, follow us on X, Facebook, and Telegram. Stay informed by subscribing to our email alerts. Keep track of price action and explore The Daily Hodl Mix for a comprehensive overview of the crypto market.
Image Credit: Midjourney.
