Nasdaq Files to List Grayscale's Avalanche (AVAX) exchange-traded fund (ETF)

Nasdaq filed a Form 27b-19 with the U.S. Securities and Exchange Commission (SEC) on March 4 to list and trade shares of Grayscale's proposed Avalanche exchange-traded fund (ETF).

Nasdaq has filed a Form 27b-19 with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of Grayscale’s proposed Avalanche exchange-traded fund (ETF).

What Happened: The move comes at a time of growing institutional investor interest in digital assets.

Nasdaq is planning to list and trade shares of Grayscale’s proposed Avalanche (AVAX) ETF on the Nasdaq Global Select Market. The ETF will be an exchange-linked investment trust, also known as an "ELIT."

The filing stated that the Trust's assets will be comprised exclusively of the AVAX token and the fund's investment objective is for the value of its shares to reflect the value of the token held by the Trust. Cryptocurrency exchange Coinbase (NASDAQ:COIN) will be the custodian of the Trust.

The SEC approval of the Avalanche ETF will be a key development for the cryptocurrency market, paving the way for greater institutional participation and expanding access to this market to a broader audience.

The Nasdaq filing comes a week after asset manager VanEck also filed a request for approval to launch an Avalanche ETF.

The SEC is currently reviewing several other cryptocurrency ETFs, including those from Bitwise and WisdomTree, in addition to VanEck’s application for an ETF that would track the price of XRP.

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Related Article: Asset Manager VanEck Files For Avalanche $AVAX ETF With SEC

Price Details: At the time of writing, Avalanche was trading at $19,87, 10% lower in the last 24 hours. The asset has appreciated 6.2% in the last seven days.