VanEck Wants the SEC's Approval to Launch an AVAX Exchange-Traded Fund

Fund manager VanEck wants the U.S. Securities and Exchange Commission's approval to launch an AVAX exchange-traded fund.

Fund manager VanEck is seeking the U.S. Securities and Exchange Commission's approval to launch an exchange-traded fund focused on the Avalanche token, according to a recent filing.

The firm applied for the "VanEck Avalanche ETF," as disclosed in a registration statement filed on Friday.

"The Trust's investment objective is to reflect the performance of the price of 'AVAX,' the native token of the Avalanche network, less the expenses of the Trust's operations," the filing explained.

The ETF was registered in Delaware this past week and is believed to be the first AVAX ETF.

"Notably — the trust registration was shared widely on this earlier this week. But this is the first actual filing with the SEC," noted Bloomberg Intelligence analyst James Seyffart in a post on X.

Several firms are in the process of obtaining the SEC's approval for various crypto ETFs, including those tracking SOL, XRP, DOGE and LTC.

During the previous administration, the SEC approved the listing of spot Bitcoin ETFs in January and spot Ethereum ETFs in July. However, the agency has since indicated a more favorable stance towards the industry.

In recent weeks, the agency has taken several actions, including rescinding controversial crypto accounting guidance, dropping enforcement actions against major crypto industry players, forming a crypto task force and issuing a statement on memecoins.