VanEck Files for an Avalanche AVAXUSD Exchange-Traded Fund (ETF) with the US Securities and Exchange Commission (SEC)

A snippet of the S-1 filing was shared on social media on March 14 by Bloomberg analyst James Seyffart, who has been closely monitoring developments in the crypto ETF industry.

Global investment manager VanEck has filed for an Avalanche (CRYPTO: AVAX) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) seeking to offer investors direct exposure to the smart contract platform.

A snippet of the S-1 filing was shared on social media on March 14 by Bloomberg analyst James Seyffart, who has been closely monitoring developments in the crypto ETF industry.

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What Happened: Seyffart said that the Trust’s registration “was shared widely on Monday … and this is the first actual filing with the SEC.”

The proposed VanEck Avalanche ETF intends to "reflect the performance of the price of 'AVAX,' the native token of the Avalanche network, less the expenses of the Trust's operations," according to the prospectus.

The proposed fund will invest in the token and will "value its Shares daily based on the reported MarketVector Avalanche Benchmark Rate," the prospectus said.

Avalanche is the 16th largest crypto asset with a total market capitalization of $7.7 billion. The blockchain is known for its high throughput and Ethereum (CRYPTO: ETH) Virtual Machine (EVM) compatibility.

Earlier this week, the SEC announced that it had rejected an application from asset management firm WisdomChain to launch a spot Bitcoin ETF.

The SEC has so far approved several futures ETFs but no spot ETFs tracking cryptocurrencies. Several institutions have applied to launch spot Bitcoin ETFs, which are in high demand from investors.

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